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

Shares of Qorvo, Inc. (NASDAQ:QRVO) hit a new 52-week low on Wednesday . The stock traded as low as $65.11 and last traded at $65.11, with a volume of 899369 shares trading hands. The stock had previously closed at $66.28.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Susquehanna decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on Qorvo from $105.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 31st. Bank of America reduced their target price on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a report on Wednesday, October 30th. Piper Sandler reduced their price target on Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. Finally, Loop Capital initiated coverage on shares of Qorvo in a research report on Monday, November 11th. They issued a “hold” rating and a $73.00 target price for the company. Two investment 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $102.88.

Qorvo Stock Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38. The firm has a fifty day moving average of $92.43 and a 200 day moving average of $103.75. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -45.40, a price-to-earnings-growth ratio of 5.26 and a beta of 1.49.

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

Insider Activity

In other news, VP Gina Harrison sold 689 shares of Qorvo stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the sale, the vice president now owns 21,601 shares in the company, valued at approximately $2,325,779.67. The trade was a 3.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.46% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Capital Research Global Investors increased its holdings in Qorvo by 2.1% in the first quarter. Capital Research Global Investors now owns 4,591,985 shares of the semiconductor company’s stock valued at $527,298,000 after buying an additional 93,068 shares in the last quarter. Vulcan Value Partners LLC increased its position in shares of Qorvo by 35.0% in the second quarter. Vulcan Value Partners LLC now owns 2,123,936 shares of the semiconductor company’s stock valued at $246,665,000 after buying an additional 550,111 shares in the last quarter. Pacer Advisors Inc. boosted its position in shares of Qorvo by 7.1% in the 3rd quarter. Pacer Advisors Inc. now owns 1,528,748 shares of the semiconductor company’s stock worth $157,920,000 after buying an additional 101,742 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Qorvo by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,463 shares of the semiconductor company’s stock valued at $153,558,000 after acquiring an additional 4,386 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Qorvo by 140.2% during the third quarter. Thrivent Financial for Lutherans now owns 835,336 shares of the semiconductor company’s stock worth $86,290,000 after acquiring an additional 487,621 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.

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.