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

Qorvo, Inc. (NASDAQ:QRVO) was the recipient of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 9,190,000 shares, a growth of 28.2% from the January 15th total of 7,170,000 shares. Based on an average daily volume of 3,130,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 9.9% of the company’s stock are short sold.

Insider Buying and Selling at Qorvo

In related news, SVP Philip Chesley sold 4,045 shares of Qorvo stock in a transaction dated 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 of the company’s stock, valued at approximately $2,122,809.15. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Qorvo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rakuten Securities Inc. bought a new stake in Qorvo during the fourth quarter worth $28,000. Huntington National Bank lifted its stake in Qorvo by 47.1% during the fourth quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 145 shares during the last quarter. Larson Financial Group LLC lifted its stake 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 purchasing an additional 201 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Qorvo during the fourth quarter worth $37,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Qorvo during the third quarter worth $41,000. 88.57% of the stock is currently owned by institutional investors.

Qorvo Price Performance

NASDAQ QRVO traded down $1.33 on Friday, hitting $76.16. 1,438,542 shares of the company’s stock were exchanged, compared to its average volume of 3,590,921. The stock has a 50-day moving average of $75.90 and a 200-day moving average of $87.94. The company has a current ratio of 2.60, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of 272.00, a P/E/G ratio of 15.93 and a beta of 1.41.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on QRVO. TD Cowen lowered their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, October 30th. Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Stifel Nicolaus lowered their price target on Qorvo from $95.00 to $90.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. Bank of America lowered their price target on Qorvo from $115.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, October 30th. Finally, UBS Group lowered their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $95.84.

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.