Marvell Tech Group (NASDAQ:MRVL) Hits ‘Overbought’ According to the RSI

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Marvell Tech Group (NASDAQ:MRVL) has reached an overbought level with an RSI(14) at 92.90.

The Relative Strength Index (RSI) is one of the most popular technical indicators used to evaluate strengthening and weakening momentum in stock movements. RSI levels 70 and above are considered overbought and stocks are considered oversold at levels under 30. Overbought is a technical condition that occurs when prices are considered too high and the stock may be due to decline.

Volatility

(NASDAQ:MRVL) currently has a beta of 1.03 so it is more volatile than the market overall which by definition has a beta of 1. Stocks with a beta lower than the market are considered to be less risky than the market while those with a higher beta are more risky than the market.

The stock’s Average True Range (ATR) is 0.55. The ATR is a short term indicator of volatility. It doesn’t indicate direction, just proclivity for motion.

Recent news headlines for Marvell Tech Group.

Marvell Technology Group Ltd. Announces Conference Call to Review Third Quarter of Fiscal 2018 Financial Results.

Short Interest

Investors are more bullish on shares of Marvell Tech Group recently at least if you consider the downtick in short interest. The firm had a fall in short interest of -1.13% between September 29, 2017 and October 13, 2017. Short interest decreased from 7,687,837 to 7,600,733 over that period. Days to cover increased from 1.0 to 2.0 and the percentage of shorted shares is 0.02% as of October 13.

Recent Analyst Ratings

November 6 investment analysts at Oppenheimer Holdings kept the company rating at “Buy” projecting a price of $23.00.

Equity analyst Jefferies Group LLC updated guidance on MRVL with a rating of “Hold” and establishing a price target of $19.00. On October 13, 2017 Cowen and Company kept a “Buy” rating on the company.

On October 4 KeyCorp maintained a company rating of “Buy” targeting a price of $25.00. August 28 investment analysts at BMO Capital Markets held the stock rating at “Market Perform” with a current price target of $16.00.

Marvell Tech Group’s P/E ratio is 54.37 and the market cap is 11.80B. In the last earnings report the EPS was $0.44 with 495.80M shares now outstanding.

Company Information

Marvell Technology Group Ltd., launched on January 11, 1995, is a semiconductor provider of application-specific standard products. The Company is involved in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) devices. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. Its product portfolio includes devices for storage, networking and connectivity. In storage, it is involved in data storage controller solutions spanning consumer, mobile, desktop and enterprise markets. Its storage solutions enable customers to engineer products for hard disk drives and solid state drives. Its networking products address end markets in cloud, enterprise, small and medium business and service provider networks. Its connectivity products address end markets in consumer, enterprise, desktop, service provider networks and automotive. Its storage, networking and connectivity products power networks and data centers around the world..