Short Interest in Qorvo, Inc. (NASDAQ:QRVO) Decreases By 15.3%

Qorvo, Inc. (NASDAQ:QRVO) was the target of a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 7,780,000 shares, a drop of 15.3% from the January 31st total of 9,190,000 shares. Based on an average daily volume of 3,110,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 8.4% of the company’s stock are short sold.

Qorvo Stock Performance

Shares of NASDAQ QRVO traded down $0.17 during trading hours on Thursday, hitting $70.97. 582,181 shares of the company’s stock were exchanged, compared to its average volume of 2,917,696. The company’s 50-day moving average price is $76.99 and its 200-day moving average price is $85.14. Qorvo has a 1-year low of $64.54 and a 1-year high of $130.99. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of 253.16, a PEG ratio of 15.57 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78.

Analyst Upgrades and Downgrades

QRVO has been the topic of several research analyst reports. Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. The Goldman Sachs Group lowered their target price on Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price target on shares of Qorvo in a research note on Wednesday, January 29th. Mizuho boosted their price target on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Finally, Citigroup cut their price objective on shares of Qorvo from $72.00 to $69.00 and set a “sell” rating on the stock in a research report on Wednesday, January 29th. Three 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. According to data from MarketBeat, Qorvo presently has an average rating of “Hold” and a consensus target price of $95.84.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC grew its stake in shares of 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 acquiring an additional 201 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Qorvo in the 4th quarter valued at $28,000. Farther Finance Advisors LLC grew its position in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 104 shares during the last quarter. Huntington National Bank increased its holdings in shares of Qorvo by 47.1% during the 4th 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 period. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Qorvo during the fourth quarter valued at about $37,000. 88.57% of the stock is owned by institutional investors.

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.