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Marvell Technology (MRVL) Stock Sinks As Market Gains: Here's Why
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In the latest trading session, Marvell Technology (MRVL - Free Report) closed at $93.80, marking a -0.15% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.38%. Elsewhere, the Dow saw an upswing of 0.59%, while the tech-heavy Nasdaq appreciated by 0.09%.
The chipmaker's stock has climbed by 29.5% in the past month, exceeding the Business Services sector's gain of 11.43% and the S&P 500's gain of 4.9%.
The investment community will be closely monitoring the performance of Marvell Technology in its forthcoming earnings report. The company is scheduled to release its earnings on December 3, 2024. On that day, Marvell Technology is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 2.44%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.45 billion, indicating a 2.47% increase compared to the same quarter of the previous year.
MRVL's full-year Zacks Consensus Estimates are calling for earnings of $1.46 per share and revenue of $5.52 billion. These results would represent year-over-year changes of -3.31% and +0.27%, respectively.
Investors might also notice recent changes to analyst estimates for Marvell Technology. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Marvell Technology currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Marvell Technology is holding a Forward P/E ratio of 64.51. This valuation marks a premium compared to its industry's average Forward P/E of 26.78.
One should further note that MRVL currently holds a PEG ratio of 2.19. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Technology Services industry currently had an average PEG ratio of 1.52 as of yesterday's close.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 72, this industry ranks in the top 29% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Marvell Technology (MRVL) Stock Sinks As Market Gains: Here's Why
In the latest trading session, Marvell Technology (MRVL - Free Report) closed at $93.80, marking a -0.15% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.38%. Elsewhere, the Dow saw an upswing of 0.59%, while the tech-heavy Nasdaq appreciated by 0.09%.
The chipmaker's stock has climbed by 29.5% in the past month, exceeding the Business Services sector's gain of 11.43% and the S&P 500's gain of 4.9%.
The investment community will be closely monitoring the performance of Marvell Technology in its forthcoming earnings report. The company is scheduled to release its earnings on December 3, 2024. On that day, Marvell Technology is projected to report earnings of $0.40 per share, which would represent a year-over-year decline of 2.44%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.45 billion, indicating a 2.47% increase compared to the same quarter of the previous year.
MRVL's full-year Zacks Consensus Estimates are calling for earnings of $1.46 per share and revenue of $5.52 billion. These results would represent year-over-year changes of -3.31% and +0.27%, respectively.
Investors might also notice recent changes to analyst estimates for Marvell Technology. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Marvell Technology currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Marvell Technology is holding a Forward P/E ratio of 64.51. This valuation marks a premium compared to its industry's average Forward P/E of 26.78.
One should further note that MRVL currently holds a PEG ratio of 2.19. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Technology Services industry currently had an average PEG ratio of 1.52 as of yesterday's close.
The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 72, this industry ranks in the top 29% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.