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

Qorvo, Inc. (NASDAQ:QRVO) was the recipient of a significant growth in short interest during 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 trading volume of 3,130,000 shares, the short-interest ratio is presently 2.9 days. Currently, 9.9% of the shares of the company are short sold.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Loop Capital raised their price objective on shares of Qorvo from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, January 29th. Benchmark reiterated a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Mizuho lifted their price target on shares of Qorvo from $80.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Morgan Stanley upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Finally, Piper Sandler upgraded shares of Qorvo from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $85.00 to $110.00 in a research report on Monday, January 27th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $95.84.

Insiders Place Their Bets

In other Qorvo news, SVP Philip Chesley sold 4,045 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.15, for a total transaction 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 trade represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 institutional investors have recently made changes to their positions in QRVO. Rakuten Securities Inc. acquired a new position in shares of Qorvo during the fourth quarter valued at about $28,000. Huntington National Bank raised its holdings in shares of Qorvo by 47.1% during the fourth 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 period. Larson Financial Group LLC raised its holdings in shares of Qorvo by 163.4% during the third quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 201 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Qorvo during the fourth quarter valued at about $37,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Qorvo during the third quarter valued at about $41,000. Institutional investors and hedge funds own 88.57% of the company’s stock.

Qorvo Trading Down 1.7 %

QRVO stock traded down $1.33 during midday trading on Friday, hitting $76.16. The stock had a trading volume of 1,438,542 shares, compared to its average volume of 3,590,921. The firm has a market cap of $7.11 billion, a P/E ratio of 272.00, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41. 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 1-year low of $64.54 and a 1-year high of $130.99. The business has a fifty day moving average price of $75.90 and a two-hundred day moving average price of $88.16.

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.