Qorvo (NASDAQ:QRVO) Reaches New 52-Week Low - Time to Sell?

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $64.54 and last traded at $65.24, with a volume of 1578362 shares. The stock had previously closed at $68.69.

Analysts Set New Price Targets

A number of brokerages have issued reports on QRVO. Morgan Stanley lowered shares of Qorvo from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $130.00 to $120.00 in a report on Friday, October 11th. Bank of America cut their price objective on shares of Qorvo from $115.00 to $80.00 and set an "underperform" rating for the company in a report on Wednesday, October 30th. TD Cowen cut their price objective on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a report on Wednesday, October 30th. JPMorgan Chase & Co. cut their price objective on shares of Qorvo from $115.00 to $95.00 and set an "underweight" rating for the company in a report on Wednesday, October 30th. Finally, Needham & Company LLC began coverage on shares of Qorvo in a report on Monday, October 28th. They set a "buy" rating and a $135.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Qorvo has a consensus rating of "Hold" and a consensus price target of $102.88.

Qorvo Stock Performance

The company has a market capitalization of $6.46 billion, a P/E ratio of -46.80, a P/E/G ratio of 5.62 and a beta of 1.42. The business has a 50-day moving average of $83.48 and a 200-day moving average of $101.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38.

Qorvo (NASDAQ:QRVO - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share (EPS) for the quarter, topping 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 revenue was down 5.2% on a year-over-year basis. During the same period last year, the company earned $1.99 earnings per share. On average, sell-side analysts anticipate that Qorvo, Inc. will post 3.37 EPS for the current year.

Insiders Place Their Bets

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $70.15, for a total value of $283,756.75. Following the sale, the senior vice president now owns 30,261 shares in the company, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.46% of the company's stock.

Institutional Trading of Qorvo

Hedge funds and other institutional investors have recently bought and sold shares of the business. Larson Financial Group LLC increased 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 worth $33,000 after purchasing an additional 201 shares during the period. New Millennium Group LLC purchased a new position in shares of Qorvo during the second quarter valued at $34,000. Blue Trust Inc. increased its stake in shares of Qorvo by 241.6% during the second quarter. Blue Trust Inc. now owns 345 shares of the semiconductor company's stock valued at $40,000 after buying an additional 244 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in shares of Qorvo during the third quarter valued at $41,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company's stock valued at $43,000 after buying an additional 104 shares during the period. Hedge funds and other institutional investors own 88.57% of the company's stock.

Qorvo Company Profile

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.