Keep an eye on Marvell Technology (SYM: MRVL).
After finding support at $72.50, the stock raced to $79.41 and could see higher highs. All after Chairman and CEO Matthew Murphy bought 13,000 shares at $77.63 for just over $1 million.
Helping, the company just posted solid second quarter earnings with revenues of $1.27 billion. Citi analysts also reiterated a buy rating on the stock, believing MRVL will exceed estimates for the second half of the year.
Also, as noted by Seeking Alpha, “Citi does expect to see strong custom application-specific integrated circuit, or ASIC, ramp up and continued strength in 800G optical demand. Fundamentally, they remain confident in their view that there are only two players capable of delivering the technology expertise required to design the leading-edge custom ASIC chips, and Marvell is one of them.”
Bank of America also increased its price targets thanks to Marvell’s success in the data center and artificial intelligence sectors.
