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Why Marvell Technology (MRVL) Outpaced the Stock Market Today
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In the latest market close, Marvell Technology (MRVL - Free Report) reached $65.52, with a +0.74% movement compared to the previous day. This move outpaced the S&P 500's daily gain of 0.13%. Meanwhile, the Dow experienced a rise of 0.13%, and the technology-dominated Nasdaq saw a decrease of 0.32%.
Prior to today's trading, shares of the chipmaker had lost 7.88% over the past month. This has lagged the Business Services sector's gain of 5.03% and the S&P 500's gain of 2.99% in that time.
The upcoming earnings release of Marvell Technology will be of great interest to investors. The company's earnings report is expected on March 7, 2024. In that report, analysts expect Marvell Technology to post earnings of $0.46 per share. This would mark no growth from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.42 billion, down 0.03% from the year-ago period.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Marvell Technology. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, Marvell Technology possesses a Zacks Rank of #2 (Buy).
Investors should also note Marvell Technology's current valuation metrics, including its Forward P/E ratio of 32.84. This signifies a premium in comparison to the average Forward P/E of 25.33 for its industry.
One should further note that MRVL currently holds a PEG ratio of 4.3. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Technology Services industry had an average PEG ratio of 1.6 as trading concluded yesterday.
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 91, finds itself in the top 37% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Why Marvell Technology (MRVL) Outpaced the Stock Market Today
In the latest market close, Marvell Technology (MRVL - Free Report) reached $65.52, with a +0.74% movement compared to the previous day. This move outpaced the S&P 500's daily gain of 0.13%. Meanwhile, the Dow experienced a rise of 0.13%, and the technology-dominated Nasdaq saw a decrease of 0.32%.
Prior to today's trading, shares of the chipmaker had lost 7.88% over the past month. This has lagged the Business Services sector's gain of 5.03% and the S&P 500's gain of 2.99% in that time.
The upcoming earnings release of Marvell Technology will be of great interest to investors. The company's earnings report is expected on March 7, 2024. In that report, analysts expect Marvell Technology to post earnings of $0.46 per share. This would mark no growth from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.42 billion, down 0.03% from the year-ago period.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Marvell Technology. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Right now, Marvell Technology possesses a Zacks Rank of #2 (Buy).
Investors should also note Marvell Technology's current valuation metrics, including its Forward P/E ratio of 32.84. This signifies a premium in comparison to the average Forward P/E of 25.33 for its industry.
One should further note that MRVL currently holds a PEG ratio of 4.3. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Technology Services industry had an average PEG ratio of 1.6 as trading concluded yesterday.
The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 91, finds itself in the top 37% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.