Marvell Technology reported fourth-quarter results slightly above analyst estimates
Semiconductor stock Marvell Technology Inc (NASDAQ:MRVL) is up 0.3% at $65.42, after reporting slightly better-than-expected fourth-quarter results. To follow, four analysts slashed their price targets, including Wells Fargo to $70 from $80, while Rosenblatt Securities raised its price target by $5 to $125.
On the charts, MRVL has been consolidating below the $69 level for the past few weeks, with pressure from its 160-day moving average. Year-to-date, the equity is down 25.2%.
Unsurprisingly, Marvell stock's options pits are flooded with activity this morning. So far, 48,000 calls and 20,000 puts have crossed the tape -- nine times the intraday average -- with options volume pacing for the top percentile of its annual range. Expiring today, the weekly 3/4 70-strike call is the most active, and new positions are being bought to open there.
Analysts are overwhelmingly bullish on MRVL, with 21 of the 24 in coverage carrying a "buy" or better rating. Plus, even after today's various price-target cuts, the 12-month consensus price target of $96.88 is still a 47.4% premium to current levels.