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

Qorvo, Inc. (NASDAQ:QRVO) was the recipient 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 volume of 3,130,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 9.9% of the shares of the company are sold short.

Qorvo Price Performance

Shares of QRVO traded down $1.33 during trading hours on Friday, hitting $76.16. 1,438,542 shares of the company were exchanged, compared to its average volume of 3,590,921. The company has a market cap of $7.11 billion, a price-to-earnings ratio of 272.00, a P/E/G ratio of 15.93 and a beta of 1.41. Qorvo has a fifty-two week low of $64.54 and a fifty-two week high of $130.99. The company has a quick ratio of 1.78, a current ratio of 2.60 and a debt-to-equity ratio of 0.46. The firm’s fifty day moving average is $75.90 and its 200 day moving average is $88.16.

Analyst Ratings Changes

QRVO has been the subject of a number of analyst reports. Benchmark reissued a “hold” rating on shares of Qorvo in a report on Wednesday, January 29th. Susquehanna cut their price objective on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, October 30th. Loop Capital lifted their price target on Qorvo from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, January 29th. The Goldman Sachs Group lowered their price objective on Qorvo from $99.00 to $78.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, UBS Group decreased their target price on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Three investment 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $95.84.

Insider Buying and Selling

In related 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 transaction, the senior vice president now directly 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is owned by company insiders.

Institutional Trading of Qorvo

Large investors have recently modified their holdings of the stock. Mediolanum International Funds Ltd bought a new stake in shares of Qorvo during the 4th quarter worth $1,177,000. GDS Wealth Management bought a new stake in shares of Qorvo during the 3rd quarter worth $2,171,000. Robeco Institutional Asset Management B.V. lifted its position in shares of Qorvo by 78.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 537,730 shares of the semiconductor company’s stock worth $55,548,000 after buying an additional 236,590 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Qorvo by 245.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 14,641 shares of the semiconductor company’s stock worth $1,024,000 after buying an additional 10,405 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Qorvo during the 3rd quarter worth $2,507,000. 88.57% of the stock is owned by institutional investors and hedge funds.

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.