Is it time to marvel about Marvell Technology Group Ltd (NASDAQ:MRVL)?

Posted by Michael Korte August 27, 2013 0 Comment 706 views

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.

About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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