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

Qorvo, Inc. (NASDAQ:QRVO) saw a significant growth in short interest in 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. Approximately 9.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,130,000 shares, the short-interest ratio is presently 2.9 days.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on QRVO. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $90.00 to $106.00 in a report on Tuesday, January 21st. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $85.00 to $110.00 in a report on Monday, January 27th. JPMorgan Chase & Co. decreased their price objective on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a report on Wednesday, October 30th. BNP Paribas downgraded Qorvo from an “outperform” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Wednesday, October 30th. Finally, UBS Group cut their price target on shares of Qorvo from $115.00 to $90.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $95.84.

Insider Transactions at Qorvo

In related 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 completion of the sale, the senior vice president now directly owns 30,261 shares in the company, valued at $2,122,809.15. This 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. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Qorvo

Several large investors have recently added to or reduced their stakes in QRVO. Rakuten Securities Inc. bought a new position in Qorvo in the 4th quarter valued at about $28,000. Huntington National Bank lifted its position in Qorvo by 47.1% in the 4th quarter. Huntington National Bank now owns 453 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 145 shares in the last quarter. Larson Financial Group LLC lifted its position in Qorvo by 163.4% in the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 201 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Qorvo in the 4th quarter valued at about $37,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Qorvo in the 3rd quarter valued at about $41,000. Institutional investors own 88.57% of the company’s stock.

Qorvo Stock Down 1.7 %

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

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.