Qorvo, Inc. (NASDAQ:QRVO) Sees Large Growth in Short Interest

by · The Markets Daily

Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) was the target of a large growth in short interest in December. As of December 31st, there was short interest totalling 7,560,000 shares, a growth of 90.9% from the December 15th total of 3,960,000 shares. Approximately 8.1% of the company’s shares are short sold. Based on an average daily volume of 2,610,000 shares, the short-interest ratio is presently 2.9 days.

Analysts Set New Price Targets

QRVO has been the subject of a number of analyst reports. Loop Capital assumed coverage on Qorvo in a report on Monday, November 11th. They issued a “hold” rating and a $73.00 price target for the company. Benchmark downgraded shares of Qorvo from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Craig Hallum dropped their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Susquehanna decreased their price objective on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Needham & Company LLC assumed coverage on Qorvo in a research note on Monday, October 28th. They set a “buy” rating and a $135.00 target price for the company. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $99.06.

Get Our Latest Analysis on QRVO

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction of $283,756.75. Following the completion of the sale, the senior vice president now directly owns 30,261 shares of the company’s stock, valued at approximately $2,122,809.15. This represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Larson Financial Group LLC lifted its stake in Qorvo by 163.4% in the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Qorvo in the 3rd quarter worth about $41,000. Versant Capital Management Inc lifted its position in Qorvo by 89.7% in the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 286 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Qorvo by 33.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the period. Finally, UMB Bank n.a. grew its position in Qorvo by 33.8% in the 3rd quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company’s stock worth $76,000 after purchasing an additional 186 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded up $0.91 during midday trading on Tuesday, hitting $72.82. The company’s stock had a trading volume of 3,959,362 shares, compared to its average volume of 3,339,070. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.38 and a current ratio of 1.90. Qorvo has a 1-year low of $64.54 and a 1-year high of $130.99. The firm’s fifty day moving average price is $69.73 and its 200-day moving average price is $94.69. The firm has a market cap of $6.88 billion, a P/E ratio of -49.88, a P/E/G ratio of 5.58 and a beta of 1.40.

Qorvo (NASDAQ:QRVO – Get Free Report) last issued its earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.03. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. Qorvo’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 earnings per share. On average, sell-side analysts forecast that Qorvo will post 3.37 EPS for the current fiscal year.

Qorvo Company Profile

(Get Free Report)

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.

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