Qorvo, Inc. (NASDAQ:QRVO) Sees Large Decrease in Short Interest

Qorvo, Inc. (NASDAQ:QRVO) was the target of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 7,780,000 shares, a decline of 15.3% from the January 31st total of 9,190,000 shares. Based on an average daily volume of 3,110,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 8.4% of the shares of the company are sold short.

Qorvo Stock Performance

Shares of Qorvo stock opened at $71.20 on Friday. The company has a market cap of $6.65 billion, a PE ratio of 254.29, a price-to-earnings-growth ratio of 15.57 and a beta of 1.48. Qorvo has a 52 week low of $64.54 and a 52 week high of $130.99. The business has a 50 day moving average price of $76.99 and a 200-day moving average price of $85.05. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46.

Institutional Trading of Qorvo

Institutional investors and hedge funds have recently modified their holdings of the business. Larson Financial Group LLC increased its position 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 acquiring an additional 201 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Qorvo during the fourth quarter valued at approximately $28,000. Farther Finance Advisors LLC increased its position in shares of Qorvo by 33.7% during the third quarter. Farther Finance Advisors LLC now owns 413 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 104 shares during the last quarter. Huntington National Bank increased its position 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 acquiring an additional 145 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Qorvo during the fourth quarter valued at approximately $37,000. 88.57% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on QRVO. Piper Sandler upgraded Qorvo from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $85.00 to $110.00 in a research note on Monday, January 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Qorvo in a report on Wednesday, January 29th. StockNews.com raised Qorvo from a “hold” rating to a “buy” rating in a report on Wednesday, January 29th. Loop Capital boosted their price target on Qorvo from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, January 29th. Finally, Morgan Stanley raised Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $90.00 to $106.00 in a report on Tuesday, January 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Qorvo has a consensus rating of “Hold” and an average price target of $95.84.

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.