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Marvell Technology (MRVL) Stock Sinks As Market Gains: What You Should Know
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Marvell Technology (MRVL - Free Report) closed at $58.94 in the latest trading session, marking a -1.67% move from the prior day. This change lagged the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.15%, and the tech-heavy Nasdaq gained 0.12%.
Coming into today, shares of the chipmaker had lost 4.68% in the past month. In that same time, the Business Services sector gained 1.49%, while the S&P 500 gained 1.66%.
Marvell Technology will be looking to display strength as it nears its next earnings release, which is expected to be August 24, 2023. On that day, Marvell Technology is projected to report earnings of $0.32 per share, which would represent a year-over-year decline of 43.86%. Meanwhile, our latest consensus estimate is calling for revenue of $1.33 billion, down 12.27% from the prior-year quarter.
MRVL's full-year Zacks Consensus Estimates are calling for earnings of $1.51 per share and revenue of $5.51 billion. These results would represent year-over-year changes of -28.77% and -6.98%, respectively.
Investors should also note any recent changes to analyst estimates for Marvell Technology. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Marvell Technology is currently a Zacks Rank #2 (Buy).
Digging into valuation, Marvell Technology currently has a Forward P/E ratio of 39.82. Its industry sports an average Forward P/E of 22.61, so we one might conclude that Marvell Technology is trading at a premium comparatively.
Meanwhile, MRVL's PEG ratio is currently 6.69. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Technology Services stocks are, on average, holding a PEG ratio of 1.54 based on yesterday's closing prices.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 103, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Marvell Technology (MRVL) Stock Sinks As Market Gains: What You Should Know
Marvell Technology (MRVL - Free Report) closed at $58.94 in the latest trading session, marking a -1.67% move from the prior day. This change lagged the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.15%, and the tech-heavy Nasdaq gained 0.12%.
Coming into today, shares of the chipmaker had lost 4.68% in the past month. In that same time, the Business Services sector gained 1.49%, while the S&P 500 gained 1.66%.
Marvell Technology will be looking to display strength as it nears its next earnings release, which is expected to be August 24, 2023. On that day, Marvell Technology is projected to report earnings of $0.32 per share, which would represent a year-over-year decline of 43.86%. Meanwhile, our latest consensus estimate is calling for revenue of $1.33 billion, down 12.27% from the prior-year quarter.
MRVL's full-year Zacks Consensus Estimates are calling for earnings of $1.51 per share and revenue of $5.51 billion. These results would represent year-over-year changes of -28.77% and -6.98%, respectively.
Investors should also note any recent changes to analyst estimates for Marvell Technology. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Marvell Technology is currently a Zacks Rank #2 (Buy).
Digging into valuation, Marvell Technology currently has a Forward P/E ratio of 39.82. Its industry sports an average Forward P/E of 22.61, so we one might conclude that Marvell Technology is trading at a premium comparatively.
Meanwhile, MRVL's PEG ratio is currently 6.69. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Technology Services stocks are, on average, holding a PEG ratio of 1.54 based on yesterday's closing prices.
The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 103, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.