Qorvo (NASDAQ:QRVO) Sets New 1-Year Low – Here’s Why

Qorvo, Inc. (NASDAQ:QRVO)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $61.53 and last traded at $61.75, with a volume of 1335498 shares trading hands. The stock had previously closed at $72.64.

Wall Street Analyst Weigh In

Several brokerages recently commented on QRVO. Barclays cut their price target on shares of Qorvo from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Loop Capital boosted their target price on shares of Qorvo from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, January 29th. Piper Sandler raised shares of Qorvo from a “neutral” rating to an “overweight” rating and raised their price target for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Stifel Nicolaus cut their price objective on Qorvo from $95.00 to $90.00 and set a “hold” rating for the company in a research note on Wednesday, January 29th. Finally, Mizuho raised their target price on Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $95.84.

Qorvo Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 2.60 and a quick ratio of 1.78. The stock’s fifty day moving average is $76.15 and its 200-day moving average is $79.76. The stock has a market cap of $5.71 billion, a PE ratio of 218.18, a price-to-earnings-growth ratio of 15.57 and a beta of 1.43.

Institutional Trading of Qorvo

A number of hedge funds and other institutional investors have recently made changes to their positions in QRVO. Rakuten Securities Inc. purchased a new position in Qorvo in the fourth quarter worth approximately $28,000. Huntington National Bank lifted its stake in shares of 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 purchasing an additional 145 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Qorvo during the 4th quarter worth $37,000. Versant Capital Management Inc increased its position in shares of Qorvo by 89.7% during the 4th quarter. Versant Capital Management Inc now owns 605 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 286 shares during the last quarter. Finally, Venturi Wealth Management LLC raised its holdings in Qorvo by 67.4% in the 4th quarter. Venturi Wealth Management LLC now owns 621 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 250 shares during the period. Institutional investors and hedge funds 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.