On September 1, Marvell Technology fell 3.05% in pre-market trading, trading at $205.14/share, with turnover of $51.94 million. The decline extends a sharp correction that began after the company reported fiscal Q2 results on August 28, when shares plunged over 10% in a single session.

On the news front, President Capital lowered its price target on Marvell Technology from $380 to $340 while maintaining a Buy rating. FactSet data shows the stock carries an average analyst target of $292.41. The broader semiconductor sector remains under pressure, with NVIDIA down 1.39%, Micron Technology down 2.02%, Broadcom down 1.35%, Intel down 2.32%, and AMD down 1.88%.

Marvell's FY2027 Q2 results showed revenue of $2.74 billion, up 37% year-over-year, and adjusted EPS of $0.94, both slightly above consensus. Q3 guidance of $3.15 billion in revenue also topped the Street estimate of $3.04 billion. However, with the stock having nearly tripled year-to-date before earnings, investors viewed the modest beat as insufficient, particularly amid concerns that revenue from the Google custom chip partnership may not materialize meaningfully until fiscal 2029.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)