Marvell Technology Inc. (NASDAQ:MRVL) shares dropped on Friday. The downward price action reflects profit-taking from retail stock market traders after an explosive multi-day rally.
Nasdaq futures are down 0.84% while S&P 500 futures have shed 0.33%.
Investors Lock In Profits After 52-Week High
The equity pulled back after surging nearly 102% from its May 7 price of $160.01 in under one month. The stock recently touched a new 52-week high of $324.15.
Market participants are locking in short-term gains, creating brief downward momentum despite a strong long-term outlook for the semiconductor firm.
