On June 15, GraniteShares 2x Long MRVL ETF rose 13.67% in regular trading, trading at $176.29/share, with turnover of $116 million. The leveraged ETF amplified gains in underlying stock Marvell Technology, which rose nearly 5% amid a broad chip sector rally.
Multiple catalysts have driven Marvell higher in recent sessions. B.Riley raised its price target on Marvell from $240 to $345 while maintaining a buy rating. Additionally, the company appointed Dan Durn, former CFO of Adobe, as its new chief financial officer starting June 15, while reiterating fiscal Q2 guidance of $0.93 EPS and $2.70 billion in revenue. Marvell is also set to join the S&P 500 index, effective June 22.
The broader semiconductor sector saw collective strength, with Micron Technology up over 5%, Astera Labs up over 6%, and ARM rising nearly 5%, providing additional tailwinds for Marvell and its leveraged tracking products.
(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.)
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