5 Stocks That Can Begin to Rebound in 2023

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

Number of Hedge Fund Holders: 63

YTD Share Price Decline as of August 29: 44.68%

Marvell Technology, Inc. (NASDAQ:MRVL) is a Delaware-based company that develops and sells analog, mixed-signal, digital signal processing, and embedded integrated circuits. The company posted Q2 non-GAAP EPS of $0.57, beating market estimates by $0.01. Revenue came in at $1.52 billion, climbing by 41% year-over-year, and being in-line with consensus. The firm’s GAAP gross margin was 51.8%. 

On August 28, BofA analyst Vivek Arya raised the price target on Marvell Technology, Inc. (NASDAQ:MRVL) to $65 from $60 and kept a ‘Buy’ rating on the shares following the release of the company’s Q2 results. The analyst observed likely traces of weakness, but said that Marvell Technology, Inc. (NASDAQ:MRVL)’s overall demand backdrop seems robust.

According to Insider Monkey’s data, 63 hedge funds were long Marvell Technology, Inc. (NASDAQ:MRVL) at the end of Q2, with collective stakes worth $1.60 billion. Paul Marshall and Ian Wace’s Marshall Wace LLP is the leading stakeholder of the company, with approximately 5 million shares valued at $214 million.

Here is what the ClearBridge Investments Mid Cap Growth Strategy had to say about Marvell Technology, Inc. (NASDAQ:MRVL) in its Q4 2021 investor letter:

“The ClearBridge Mid Cap Growth Strategy continued to deliver strong absolute and relative returns as our focus on de-risking investments prior to purchase and managing position sizes has made a difference through recent market turbulence. Marvell Technology, a leader in semiconductor manufacturing, is in the second-largest position in the Strategy but just one of three stocks with a weighting of over 3% in a diversified growth portfolio of over 70 names. With a wide range of exposure to fast-growing IT subsectors, including 5G telecommunications, data centers, cloud computing, and electric vehicles, Marvell’s ability to secure a crucial supplier position at the nexus of these technologies leaves it well-positioned to participate in their long-term growth. Strength in companies like Marvell offset weakness in higher multiple growth names that were dragged down by negative sentiment or short-term execution issues.”