In the latest trading session, Marvell Technology (MRVL) closed at $45.46, marking a +1.61% move from the previous day. This change outpaced the S&P 500's 0.15% loss on the day. At the same time, the Dow lost 0.33%, and the tech-heavy Nasdaq lost 3.33%.
Heading into today, shares of the chipmaker had gained 13.35% over the past month, outpacing the Business Services sector's gain of 3.42% and the S&P 500's gain of 1.21% in that time.
Investors will be hoping for strength from Marvell Technology as it approaches its next earnings release, which is expected to be May 25, 2023. The company is expected to report EPS of $0.29, down 44.23% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.3 billion, down 10.09% from the prior-year quarter.
MRVL's full-year Zacks Consensus Estimates are calling for earnings of $1.46 per share and revenue of $5.49 billion. These results would represent year-over-year changes of -31.13% and -7.33%, respectively.
Investors should also note any recent changes to analyst estimates for Marvell Technology. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Marvell Technology is holding a Zacks Rank of #5 (Strong Sell) right now.
Looking at its valuation, Marvell Technology is holding a Forward P/E ratio of 30.55. For comparison, its industry has an average Forward P/E of 22.47, which means Marvell Technology is trading at a premium to the group.
It is also worth noting that MRVL currently has a PEG ratio of 9.12. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Technology Services was holding an average PEG ratio of 1.75 at yesterday's closing price.
The Technology Services industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 122, which puts it in the top 49% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report