Deep-pocketed investors have adopted a bullish approach towards Marvell Tech MRVL, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MRVL usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 29 extraordinary options activities for Marvell Tech. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 72% leaning bullish and 27% bearish. Among these notable options, 6 are puts, totaling $770,540, and 23 are calls, amounting to $1,577,679.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $62.5 to $80.0 for Marvell Tech over the recent three months.
Volume & Open Interest Trends
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Marvell Tech's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Marvell Tech's whale trades within a strike price range from $62.5 to $80.0 in the last 30 days.
Marvell Tech Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| MRVL | PUT | SWEEP | BULLISH | 03/15/24 | $67.50 | $160.0K | 2.2K | 812 |
| MRVL | PUT | SWEEP | BULLISH | 03/15/24 | $67.50 | $156.0K | 2.2K | 688 |
| MRVL | PUT | SWEEP | BULLISH | 03/15/24 | $67.50 | $156.0K | 2.2K | 1.6K |
| MRVL | PUT | SWEEP | BULLISH | 03/15/24 | $67.50 | $156.0K | 2.2K | 405 |
| MRVL | CALL | SWEEP | BULLISH | 04/19/24 | $80.00 | $121.0K | 4.6K | 3.8K |
About Marvell Tech
Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, automotive, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.
Following our analysis of the options activities associated with Marvell Tech, we pivot to a closer look at the company's own performance.
Where Is Marvell Tech Standing Right Now?
- Currently trading with a volume of 5,973,942, the MRVL's price is down by -1.87%, now at $68.69.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 34 days.
Professional Analyst Ratings for Marvell Tech
A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $77.0.
- An analyst from Cantor Fitzgerald downgraded its action to Overweight with a price target of $80.
- Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Marvell Tech with a target price of $78.
- An analyst from Citigroup persists with their Buy rating on Marvell Tech, maintaining a target price of $75.
- Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on Marvell Tech with a target price of $75.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Marvell Tech with Benzinga Pro for real-time alerts.
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