Qorvo (NASDAQ:QRVO) Shares Gap Up - Here's What Happened

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $73.59, but opened at $78.00. Qorvo shares last traded at $83.26, with a volume of 2,152,628 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QRVO. Bank of America decreased 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. Loop Capital began coverage on shares of Qorvo in a report on Monday, November 11th. They issued a "hold" rating and a $73.00 price objective for the company. JPMorgan Chase & Co. decreased 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. TD Cowen cut their target price on shares of Qorvo from $125.00 to $85.00 and set a "hold" rating for the company in a research report on Wednesday, October 30th. Finally, Piper Sandler cut their target price on shares of Qorvo from $120.00 to $100.00 and set a "neutral" rating for the company in a research report on Friday, October 25th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $98.47.

Qorvo Stock Performance

The company has a current ratio of 1.90, a quick ratio of 1.38 and a debt-to-equity ratio of 0.45. The business's 50 day moving average is $69.81 and its two-hundred day moving average is $94.10. The company has a market cap of $7.82 billion, a PE ratio of -56.66, a PEG ratio of 5.74 and a beta of 1.40.

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 analysts' expectations of $1.03 billion. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business's quarterly revenue was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 EPS. On average, equities research 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 business's stock in a transaction 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.46% of the company's stock.

Institutional Trading of Qorvo

Hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its position in shares of Qorvo by 377.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company's stock valued at $57,125,000 after buying an additional 645,829 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Qorvo during the 4th quarter valued at about $202,000. 180 Wealth Advisors LLC raised its position in shares of Qorvo by 78.0% during the 4th quarter. 180 Wealth Advisors LLC now owns 5,293 shares of the semiconductor company's stock valued at $370,000 after buying an additional 2,320 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Qorvo during the 4th quarter valued at about $806,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of Qorvo during the 4th quarter valued at about $310,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.