Rosenblatt Securities hiked MRVL's price target to $140 from $120
Marvell Technology Inc (NASDAQ:MRVL) earlier issued upbeat fiscal-fourth quarter guidance due to artificial intelligence (AI) demand. The company also reported a top- and bottom-line win for the third quarter and saw no fewer than 17 price-target hikes, including one from Rosenblatt Securities to $140 from $120.
At last check, MRVL is up 20.8% to trade at a fresh record high of $115.83, blasting through recent resistance from $100 level and pacing for its best single-day percentage gain since May 2023. Shares are bouncing off the 20-day moving average and sport a 125.7% year-over-year lead.
Options traders are blasting MRVL, with 120,000 calls and 57,000 puts traded so far today, which is 17 times the volume typically seen at this point. The most popular contract by far is the weekly 12/6 110-strike call, but new positions are being opened at the 115-strike call in that series.
This bullish activity marks a shift in sentiment. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.12, which stands higher than 95% of readings from the past 12 months, indicating short-term options traders lean bearish.