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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group decreased their target price on Qorvo from $99.00 to $78.00 and set a "neutral" rating for the company in a research note on Friday. Piper Sandler lowered their target price on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a report on Friday, October 25th. Bank of America cut their price target on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating on the stock in a research note on Wednesday, October 30th. UBS Group reduced their price target 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, Barclays dropped their price objective on Qorvo from $120.00 to $90.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $99.06.

Insider Activity

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total value of $283,756.75. Following the completion of the transaction, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.46% of the company's stock.

Institutional Investors Weigh In On Qorvo

Hedge funds have recently modified their holdings of the company. Larson Financial Group LLC boosted its position in Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company's stock worth $33,000 after acquiring an additional 201 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Qorvo during the 3rd quarter worth $41,000. Versant Capital Management Inc boosted its holdings in shares of Qorvo by 89.7% during the fourth quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Qorvo by 33.7% in the third 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. increased its stake in Qorvo by 33.8% in the third quarter. UMB Bank n.a. now owns 736 shares of the semiconductor company's stock valued at $76,000 after purchasing an additional 186 shares during the last quarter. 88.57% of the stock is owned by institutional investors and hedge funds.

Qorvo Price Performance

Shares of Qorvo stock traded up $0.91 during trading on Tuesday, reaching $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 business has a 50 day moving average price of $69.73 and a 200-day moving average price of $94.69. Qorvo has a 12-month low of $64.54 and a 12-month high of $130.99. The company has a market capitalization of $6.88 billion, a P/E ratio of -49.88, a price-to-earnings-growth ratio of 5.58 and a beta of 1.40. The company has a quick ratio of 1.38, a current ratio of 1.90 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.85 by $0.03. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Qorvo had a positive return on equity of 13.81% and a negative net margin of 3.58%. The company's quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.99 EPS. As a group, sell-side analysts anticipate that Qorvo will post 3.37 EPS for the current year.

About Qorvo

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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