Qorvo, Inc. (QRVO) Short Interest Down 15.6% in August
Qorvo, Inc. (NASDAQ:QRVO) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 8,700,984 shares, a decline of 15.6% from the August 15th total of 10,304,017 shares. Based on an average daily trading volume, of 907,717 shares, the short-interest ratio is presently 9.6 days. Approximately 6.9% of the shares of the company are short sold.
A number of equities research analysts have weighed in on the stock. MKM Partners reiterated a “buy” rating and set a $90.00 price target (up previously from $78.00) on shares of Qorvo in a research note on Tuesday, May 30th. Nomura assumed coverage on shares of Qorvo in a research note on Tuesday, September 5th. They set a “neutral” rating and a $75.00 price target on the stock. KeyCorp reiterated a “sector perform” rating on shares of Qorvo in a research note on Thursday. BMO Capital Markets reiterated a “hold” rating and set a $63.00 price target on shares of Qorvo in a research note on Monday, June 12th. Finally, Cowen and Company reiterated a “market perform” rating and set a $85.00 price target (up previously from $74.00) on shares of Qorvo in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $73.45.
Shares of Qorvo (NASDAQ QRVO) opened at 73.44 on Friday. The stock has a 50 day moving average price of $55.12 and a 200-day moving average price of $60.42. The company’s market capitalization is $9.35 billion. Qorvo has a 52 week low of $19.18 and a 52 week high of $74.69.
Qorvo (NASDAQ:QRVO) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.07. Qorvo had a positive return on equity of 10.10% and a negative net margin of 1.40%. The firm had revenue of $640.80 million for the quarter, compared to analyst estimates of $632.18 million. During the same period last year, the firm posted $1.08 earnings per share. The business’s revenue for the quarter was down 8.3% on a year-over-year basis. Equities research analysts expect that Qorvo will post $5.54 EPS for the current year.
In other Qorvo news, VP James L. Klein sold 2,600 shares of Qorvo stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.49, for a total transaction of $165,074.00. Following the sale, the vice president now owns 40,058 shares in the company, valued at $2,543,282.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Steven E. Creviston sold 6,000 shares of Qorvo stock in a transaction on Monday, July 17th. The stock was sold at an average price of $66.94, for a total transaction of $401,640.00. Following the sale, the vice president now owns 114,733 shares in the company, valued at approximately $7,680,227.02. The disclosure for this sale can be found here. Insiders have sold 78,919 shares of company stock worth $5,379,553 in the last quarter. Corporate insiders own 0.91% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Federated Investors Inc. PA boosted its stake in shares of Qorvo by 4.0% during the second quarter. Federated Investors Inc. PA now owns 2,323 shares of the semiconductor company’s stock valued at $147,000 after purchasing an additional 90 shares in the last quarter. NEXT Financial Group Inc raised its position in shares of Qorvo by 2.1% during the second quarter. NEXT Financial Group Inc now owns 2,370 shares of the semiconductor company’s stock worth $150,000 after acquiring an additional 49 shares during the last quarter. Advisor Group Inc. raised its position in shares of Qorvo by 5.1% during the second quarter. Advisor Group Inc. now owns 2,584 shares of the semiconductor company’s stock worth $164,000 after acquiring an additional 126 shares during the last quarter. Global X Management Co. LLC raised its position in shares of Qorvo by 400.9% during the second quarter. Global X Management Co. LLC now owns 2,795 shares of the semiconductor company’s stock worth $177,000 after acquiring an additional 2,237 shares during the last quarter. Finally, Achmea Investment Management B.V. bought a new position in shares of Qorvo during the second quarter worth about $188,000. 94.39% of the stock is currently owned by hedge funds and other institutional investors.
Qorvo Company Profile
Qorvo, Inc is a provider of technologies and radio frequency (RF) solutions for mobile, infrastructure and defense and aerospace applications. The Company designs, develops, manufactures and markets its products to the United States and international original equipment manufacturers (OEMs) and original design manufacturers (ODMs).
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