Why Marvell Technology Group's Stock Rose 15.1% in August
Shares of Marvell Technology Group (NASDAQ: MRVL) gained 15.1% in August, according to data from S&P Global Market Intelligence. The surge was driven by a stellar second-quarter earnings report, and the stock has now soared 43% higher over the past 52 weeks.
The maker of storage and networking controller chips saw sales rising 1% year over year in the second quarter, stopping at $605 million. On the bottom line, adjusted earnings jumped 67% higher to land at $0.30 per share. Analysts were only looking for earnings of $0.28 per share on revenues near $601 million. Share prices rose more than 10% higher the next day and haven't looked back since then.
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Source: Fool.com
Marvell Technology Inc. Stock
€68.10
0.100%
With 39 Buy predictions and 2 Sell predictions Marvell Technology Inc. is one of the favorites of our community.
As a result the target price of 77 € shows a slightly positive potential of 13.07% compared to the current price of 68.1 € for Marvell Technology Inc..
