Is it time to marvel about Marvell Technology Group Ltd (NASDAQ:MRVL)?
Year–to-date, Marvell Technology Group Ltd (NASDAQ:MRVL) shares have risen by 60%. So, is it a good time to rake in the profits? It’s a known fact that the average investor looks at numerous different inputs before deciding whether a stock is worthy of buying or offloading. Insider and hedge fund trading are two strong indicators about the worthiness of a stock.
The hedge funds
So, let’s take a look at what hedge fund investors feel about MRVL stock. At the end of the second-quarter, 31 hedge funds were bullish on this company’s stock. This was a -18% switch from the earlier quarter. With there being a sea change in hedgie sentiment, some hedge fund managers have been adding significantly to their holdings. There was a large segment of hedge funds that sold-off their MRVL stock in the Q1.
Hedge funds are bearish
Very notably, Apex Capital sold off a large segment of “upper-crust” funds which amounted to a total of approximately $26.5M in stock/. Mina Faltas and Matthew Knauner were right on the Apex capital heels and dropped around $7.7M worth. It is important to make a note of these bearish trends as the total hedge-fund interest was axed by 7 funds in the first-quarter. As far as insider buying is concerned, over the last 180 days the company has seen absolutely no insider buying and only 1 sale.
Latest trading session
In Monday’s trading session, MRVL stock dipped 1.64%. The opening price of $12.06 touched an intraday high of $12.15 and closed at $11.99. More than 13.56 million shares were traded on Monday while the average volume of shares traded over 30 days was 6.26 million. The company has a market cap of $5.90 billion. The company is essentially a fables semiconductor-provider of various application specific standard products. It develops SoC devices.