Short Interest in Qorvo, Inc. (NASDAQ:QRVO) Expands By 28.2%

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

Analyst Ratings Changes

QRVO has been the subject of several recent research reports. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $85.00 to $110.00 in a report on Monday, January 27th. Needham & Company LLC reiterated a “buy” rating and set a $100.00 price objective on shares of Qorvo in a report on Wednesday, January 29th. The Goldman Sachs Group cut their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a report on Friday, January 10th. JPMorgan Chase & Co. cut their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Finally, TD Cowen cut their target price on Qorvo from $125.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $95.84.

Insider Transactions at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the firm’s 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 owns 30,261 shares of the company’s stock, valued at $2,122,809.15. This trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Qorvo

Hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC grew its holdings in shares of 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. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Qorvo in the 3rd quarter valued at about $41,000. Rakuten Securities Inc. bought a new position in shares of Qorvo in the 4th quarter valued at about $28,000. Farther Finance Advisors LLC lifted its stake in Qorvo by 33.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 104 shares during the last quarter. Finally, Huntington National Bank lifted its stake 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 purchasing an additional 145 shares during the last quarter. Institutional investors own 88.57% of the company’s stock.

Qorvo Trading Down 1.7 %

Shares of QRVO traded down $1.33 during trading hours on Friday, reaching $76.16. The stock had a trading volume of 1,438,542 shares, compared to its average volume of 3,590,921. The company has a quick ratio of 1.78, a current ratio of 2.60 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 firm has a 50-day moving average of $75.90 and a 200 day moving average of $88.16. The company has a market cap of $7.11 billion, a P/E ratio of 272.00, a P/E/G ratio of 15.93 and a beta of 1.41.

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.