5 Best Buy-the-Dip Stocks To Buy Now

2. Marvell Technology, Inc. (NASDAQ:MRVL)

Number of Hedge Fund Holders: 58

Marvell Technology, Inc. (NASDAQ:MRVL) is a Santa Clara, California-based producer of semiconductors and data infrastructure related to computing, networking, security, and storage.

Christian Schwab at Craig-Hallum gave Marvell Technology, Inc. (NASDAQ:MRVL) stock a Buy rating with a target price of $63 on December 2. The analyst acknowledged the Q3 2022 results to be in line with his estimates. The company’s downward revision in guidance for Q4 2022 has been attributed to a weakness in the Chinese networking industry due to COVID-19-related restrictions and lockdowns. Marvell Technology, Inc. (NASDAQ:MRVL) gave a Q4 2022 revenue and EPS guidance that was 13% and 26% lower than the consensus forecasts, respectively. There is a widespread belief that Marvell Technology, Inc. (NASDAQ:MRVL) stock is currently hovering around the bottom of the cycle.

Carillon Tower Advisers discussed Marvell Technology, Inc. (NASDAQ:MRVL) in its Q2 2022 investor letter. Here’s what the firm said:

Marvell Technology, Inc. (NASDAQ:MRVL) provides infrastructure semiconductor solutions. Investors have recently become concerned about the semiconductor cycle and how demand for Marvell’s products will fare in a slowing economic environment. We remain confident that the company’s portfolio of products is extremely important in parts of the datacenter server market, which remains healthy and possesses long-term secular trends. The company also has secured strong contract wins in upcoming global 5G wireless infrastructure build-outs, which are generally insulated from macroeconomic pressures. With supply chain issues easing, we believe Marvell remains in a strong position to post continued robust growth.”

As of Q3 2022, Marvell Technology, Inc. (NASDAQ:MRVL) was held by 58 hedge funds.

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