Short Interest in Qorvo, Inc. (NASDAQ:QRVO) Grows 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. Approximately 9.9% of the company’s shares are short sold. Based on an average daily volume of 3,130,000 shares, the days-to-cover ratio is currently 2.9 days.

Wall Street Analysts Forecast Growth

QRVO has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Qorvo from $115.00 to $95.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Raymond James cut Qorvo from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 30th. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research note on Wednesday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 target price on shares of Qorvo in a research note on Wednesday, January 29th. Finally, Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $85.00 to $110.00 in a research note on Monday, January 27th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.84.

Qorvo Stock Down 1.7 %

Shares of QRVO stock traded down $1.33 during trading hours on Friday, reaching $76.16. The company had a trading volume of 1,438,542 shares, compared to its average volume of 3,590,921. Qorvo has a 12 month low of $64.54 and a 12 month high of $130.99. 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 business has a fifty day simple moving average of $75.90 and a 200-day simple moving average of $88.16. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 272.00, a price-to-earnings-growth ratio of 15.93 and a beta of 1.41.

Insider Buying and Selling at Qorvo

In other news, SVP Philip Chesley sold 4,045 shares of the stock in a transaction dated 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 approximately $2,122,809.15. This represents a 11.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.46% of the company’s stock.

Institutional Trading of Qorvo

Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Qorvo in the fourth quarter valued at $71,825,000. Amundi grew its position in Qorvo by 84.4% during the fourth quarter. Amundi now owns 2,143,858 shares of the semiconductor company’s stock worth $156,673,000 after buying an additional 981,519 shares in the last quarter. Wealthfront Advisers LLC grew its position in Qorvo by 8,535.6% during the fourth quarter. Wealthfront Advisers LLC now owns 931,690 shares of the semiconductor company’s stock worth $65,153,000 after buying an additional 920,901 shares in the last quarter. Vulcan Value Partners LLC grew its position in Qorvo by 53.7% during the fourth quarter. Vulcan Value Partners LLC now owns 2,581,296 shares of the semiconductor company’s stock worth $180,487,000 after buying an additional 902,353 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Qorvo by 377.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 816,882 shares of the semiconductor company’s stock worth $57,125,000 after buying an additional 645,829 shares in the last quarter. 88.57% of the stock is currently 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.