Marvell Technology Group Ltd. (NASDAQ:MRVL) has seen a rise of 1,339,990 shares or 19.1% in the short interest. The remaining shorts are 1.9% of the total floated shares. The net short interest, as on June 15,2016, stood at 8,361,649 shares and the stocks days to cover will be 2 by factoring in the average per day volume of 5,423,089 shares. On May 31,2016, 7,021,659 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Marvell Technology Group Ltd. (NASDAQ:MRVL): The stock opened at $10.03 on Friday but the bulls could not build on the opening and the stock topped out at $10.14 for the day. The stock traded down to $9.77 during the day, due to lack of any buying support eventually closed down at $9.78 with a loss of -6.05% for the day. The stock had closed at $10.41 on the previous day. The total traded volume was 7,979,740 shares.
The company shares have dropped -26.36% from its 1 Year high price. On Jun 29, 2015, the shares registered one year high at $13.75 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $9.96 and the 200 Day Moving Average price is recorded at $9.50.
Marvell Technology Group Ltd. (NASDAQ:MRVL) has tumbled 2.4% during the past week and has dropped 2.88% in the last 4 week period. The stocks have underperformed the S&P 500 by 0.78% during the past week but Marvell Technology Group Ltd. (NASDAQ:MRVL) it has outperformed the index in 4 weeks by 0.06%.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics. Its products serve diverse applications used in carrier, metropolitan, enterprise and PC-client data communications, and storage systems. In addition, the Company serves the consumer electronics market for the convergence of voice video and data applications. As a fabless integrated circuit company, the Company relies on independent, third-party contractors to perform manufacturing, assembly and test functions. The Companys offers its products to three markets: mobile and wireless, storage, and networking.