Marvell Technology, Inc. (NASDAQ: MRVL) finished a holiday‑shortened Christmas Eve session and drifted in thin, post‑close trading—exactly the kind of tape where small headlines (or simply low liquidity) can move prices more than usual.
Before diving into the company-specific catalysts, one timing note matters for everyone watching MRVL “tomorrow”: U.S. stock markets are closed on Thursday, Dec. 25, 2025 (Christmas Day), and trading resumes Friday, Dec. 26. On Christmas Eve (today), Nasdaq’s equity market closed early at 1:00 p.m. ET, with the late session running until 5:00 p.m. ET. [1]
What follows is a detailed, publish-ready rundown of where MRVL stock stands after the bell, the most notable MRVL news and analysis published today (Dec. 24), and a practical checklist of what to know before the next open on Friday.
MRVL stock after the bell: where shares traded late on Dec. 24, 2025
As of the latest available print during the post-close session, MRVL traded around $86.49, down about 1.33% on the day (a decline of $1.17 versus the prior close). The stock’s intraday range was roughly $86.12 to $88.00, on volume of about 5.33 million shares.
A separate after-hours quote showed MRVL around $86.40 later in the session (moves were small, consistent with holiday conditions). [2]
Why today’s tape matters more than usual
Christmas Eve trading is notoriously light, and today was no exception across U.S. markets. Reuters described volumes as thin during the shortened session while major indexes pushed to fresh records. [3]
For MRVL specifically, one widely cited “institutional activity” write-up also framed today’s turnover as far below typical activity—another reminder that price signals can be noisier into year-end. [4]
The market backdrop (and why it still matters for MRVL)
Even though MRVL finished lower, the broader market tone was positive: on Dec. 24, the Dow and S&P 500 closed at record highs in a shortened holiday session, with ongoing attention on AI-linked names and expectations around rate cuts next year. [5]
For Marvell investors, that backdrop matters because MRVL’s current narrative is tightly tied to AI infrastructure buildouts—and sentiment around “AI capex,” data center demand, and semiconductor valuations tends to swing as a group.
Today’s MRVL headline: Citi puts Marvell on a “positive catalyst watch” into CES 2026
The most MRVL-specific “fresh” news item circulating today is an analyst-driven catalyst call: Citi added a “positive catalyst watch” on Marvell ahead of CES 2026, with a reported price target of $114. [6]
According to the report as summarized today:
- Citi’s stance leans on CES 2026 as a near-term visibility event, where Marvell is expected to showcase and discuss AI infrastructure and networking products. [7]
- The note also suggests that concerns about competition affecting Marvell at major hyperscale customers were viewed as overstated, and Citi sees accelerating growth into 2026–2027 tied to AI data center demand. [8]
This is important not because one note “moves” the company, but because late December trading is catalyst-sensitive: a single incremental positive (or negative) framing can matter more when liquidity is thin.
Today’s fundamental analysis focus: data center revenue is the core engine
A second major MRVL-focused analysis published today came via a Zacks piece carried on Nasdaq.com, and the message is straightforward: Marvell’s data center segment is now driving the story.
Key points highlighted in that analysis:
- Marvell’s data center revenues reached $1.52 billion in the third quarter of fiscal 2026, up 38% year-over-year, representing about 73% of total revenue. [9]
- The same write-up pointed to momentum in optical interconnect products, including management commentary that optical interconnect revenue grew at a double-digit rate sequentially. [10]
- It also flagged Marvell’s progress in switching—mentioning ongoing demand for 12.8T switches and shipments of 51.2T switches—and a view that data center switch revenue could exceed $500 million in fiscal 2027. [11]
- Looking forward, the analysis said Marvell expects data center revenue to grow more than 25% in fiscal 2027, and suggested the company is positioned to benefit if AI infrastructure spending remains strong. [12]
Estimates, revisions, and valuation: what “the numbers” say today
That same Nasdaq/Zacks analysis included forecast-style datapoints investors often track heading into the next session:
- Zacks cited consensus expectations implying FY2026 and FY2027 earnings growth (year-over-year) of 80.9% and 26.1%, respectively, and noted modest upward estimate revisions over recent weeks. [13]
- On valuation, it referenced MRVL trading at a forward price-to-sales ratio of 7.33x, above the cited industry average of 6.42x—a reminder that this is a growth story where expectations are already embedded in the multiple. [14]
“What changed today?” A key context point: some “today” coverage referenced Tuesday’s MRVL jump
Because Dec. 24 featured an early close, a portion of the financial content published in the early hours today was actually recapping Tuesday, Dec. 23.
Example: a Zacks market wrap published early Dec. 24 called MRVL a major Nasdaq gainer and cited the stock rising 3.4%—but that move was attributed to Tuesday’s session, not today’s shortened trading day. [15]
In other words: today’s after-hours positioning is happening one day after MRVL was singled out as a major AI-linked winner in at least one widely syndicated recap.
Company fundamentals you should remember heading into Friday: the last earnings report and the official outlook
The cleanest “baseline” for what matters next still comes from Marvell itself.
In its Dec. 2, 2025 earnings release (third quarter of fiscal 2026), Marvell reported:
- Revenue of $2.075 billion (record, +37% year-over-year) [16]
- Non-GAAP EPS of $0.76 [17]
- A fourth-quarter fiscal 2026 outlook calling for revenue of $2.200 billion ± 5%, and non-GAAP diluted EPS of $0.79 ± $0.05 [18]
- CEO commentary emphasizing strong data center demand and a view that full-year revenue growth was forecast to exceed 40%. [19]
Those numbers are “old” in trading terms, but they remain the anchor for how investors interpret any CES headlines, analyst checks, or sector read-throughs in the coming weeks.
Capital return: the buyback and dividend details that matter for calendar-watchers
Share repurchases and ASR agreement
In Marvell’s quarterly filing (Form 10‑Q dated Dec. 3, 2025), the company disclosed that its board authorized a $5.0 billion addition to its stock repurchase program on Sept. 24, 2025, and that $5.7 billion remained available for future repurchases as of Nov. 1, 2025. [20]
The same filing described an accelerated share repurchase (ASR) agreement with an upfront payment of $1.0 billion and the delivery of an initial block of shares, with final settlement expected in fiscal Q4 2026. [21]
Why it matters for the next open: buybacks don’t guarantee a floor, but in thin tapes they can shape investor expectations around downside and float.
Dividend calendar
Marvell’s most recent dividend announcement states a $0.06 per share quarterly dividend, payable Jan. 29, 2026, to shareholders of record as of Jan. 9, 2026. [22]
Institutional-filing stories published today: what they are (and what they aren’t)
Two MRVL stories dated Dec. 24 from MarketBeat focused on institutional filings, including:
- DAVENPORT & Co LLC increasing its MRVL stake (as described in that outlet’s summary) [23]
- Swedbank AB increasing its MRVL holdings (again, per the summary) [24]
These pieces can be useful for gauging ownership mix and institutional interest, but keep the framing straight: these are generally filing-based updates reflecting positions reported for prior periods—not necessarily “fresh buys” executed today.
CES 2026 is the next real spotlight: what Marvell is expected to show
A recurring thread in today’s analysis (including the Citi “positive catalyst watch”) is that CES 2026 could sharpen the narrative around Marvell’s position in AI infrastructure.
Marvell has already published CES-related material highlighting focus areas such as accelerated infrastructure and next-generation interconnect and networking. [25]
Separately, Marvell’s IR site lists an upcoming J.P. Morgan CES Fireside Chat on Jan. 6, 2026 featuring CEO Matt Murphy. [26]
For investors, that’s a concrete, date-certain catalyst: even without earnings, public commentary can affect near-term positioning.
Wall Street forecasts: what the Street’s “average” target implies from here
Consensus targets aren’t a prediction of what happens Friday morning—but they do set a baseline for sentiment.
MarketBeat’s compilation (as shown on its forecast page) reflects:
- A consensus rating of “Moderate Buy” based on 38 analyst ratings
- An average price target of $111.25 (with a wide range cited between $66 and $156) [27]
That spread is the bigger story than the average: it signals that MRVL remains a high-disagreement AI infrastructure name, where execution and competitive positioning can swing expectations quickly.
What to know before the next open (Friday, Dec. 26): a practical checklist for MRVL watchers
Here’s what’s most likely to matter between now and the next regular session.
1) Know the schedule and the liquidity conditions
- Markets are closed Thursday, Dec. 25, and reopen Friday, Dec. 26. [28]
- Today’s session ended early (and the late session is also shortened versus a typical day). [29]
- Holiday conditions can make after-hours prints less reliable as signals of “real” conviction.
2) Watch for CES positioning headlines
If Citi’s thesis is right, MRVL’s next leg will be about visibility (product roadmaps, design wins, adoption signals) as much as quarterly numbers. CES-related commentary and previews can leak into the tape earlier than expected. [30]
3) Re-anchor on management’s official outlook
Before reacting to any hot takes, compare them to the last official guideposts:
- Q4 FY2026 revenue guide: $2.200B ± 5%
- Q4 FY2026 non‑GAAP EPS guide: $0.79 ± $0.05 [31]
4) Keep the “data center math” front and center
Today’s Nasdaq/Zacks analysis put hard numbers behind the bull case: $1.52B data center revenue, +38% YoY, ~73% of total revenue. If any Friday headlines alter expectations for hyperscaler spending, that’s the lever the market will pull. [32]
5) Don’t ignore the capital return framework
With disclosed buyback authority remaining and an ongoing capital return program, investor expectations around share count and support levels can matter—especially if the stock becomes volatile again into year-end. [33]
Bottom line for MRVL after-hours on Dec. 24, 2025
Marvell stock ended Christmas Eve lower near $86.5, with only modest movement after the early close—an unsurprising outcome in a low-volume holiday session. [34]
But the information flow today leaned constructive: Citi’s “positive catalyst watch” into CES 2026 and a detailed data center growth write-up reinforced the same central theme—Marvell is increasingly being valued as an AI data center infrastructure enabler, not a generic semiconductor name. [35]
With markets closed tomorrow, the real “next test” will be Friday, Dec. 26, when normal liquidity returns and investors decide whether the CES build-up and data center momentum deserve a fresh rerating—or whether year-end profit-taking keeps a lid on MRVL into January.
References
1. www.nasdaqtrader.com, 2. www.investing.com, 3. www.reuters.com, 4. www.marketbeat.com, 5. www.reuters.com, 6. www.insidermonkey.com, 7. www.insidermonkey.com, 8. www.insidermonkey.com, 9. www.nasdaq.com, 10. www.nasdaq.com, 11. www.nasdaq.com, 12. www.nasdaq.com, 13. www.nasdaq.com, 14. www.nasdaq.com, 15. www.nasdaq.com, 16. investor.marvell.com, 17. investor.marvell.com, 18. investor.marvell.com, 19. investor.marvell.com, 20. investor.marvell.com, 21. investor.marvell.com, 22. investor.marvell.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.marvell.com, 26. investor.marvell.com, 27. www.marketbeat.com, 28. www.nasdaqtrader.com, 29. www.nasdaqtrader.com, 30. www.insidermonkey.com, 31. investor.marvell.com, 32. www.nasdaq.com, 33. investor.marvell.com, 34. www.reuters.com, 35. www.insidermonkey.com
