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

by · The Cerbat Gem

Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 6,120,000 shares, a decrease of 29.6% from the March 15th total of 8,690,000 shares. Based on an average daily volume of 2,960,000 shares, the short-interest ratio is currently 2.1 days. Approximately 6.6% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in QRVO. Stifel Financial Corp increased its position in Qorvo by 11.8% in the 3rd quarter. Stifel Financial Corp now owns 7,649 shares of the semiconductor company’s stock valued at $790,000 after acquiring an additional 807 shares in the last quarter. MML Investors Services LLC grew its stake in shares of Qorvo by 10.9% during the third quarter. MML Investors Services LLC now owns 3,532 shares of the semiconductor company’s stock valued at $365,000 after purchasing an additional 347 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Qorvo during the third quarter valued at approximately $1,211,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Qorvo in the third quarter valued at approximately $200,000. Finally, Tidal Investments LLC raised its position in Qorvo by 188.1% in the 3rd quarter. Tidal Investments LLC now owns 37,729 shares of the semiconductor company’s stock worth $3,897,000 after purchasing an additional 24,635 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Qorvo from a “hold” rating to a “buy” rating in a research report on Wednesday, January 29th. Piper Sandler raised Qorvo from a “neutral” rating to an “overweight” rating and upped their price target for the company from $85.00 to $110.00 in a report on Monday, January 27th. Morgan Stanley upgraded Qorvo from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $90.00 to $106.00 in a research report on Tuesday, January 21st. Benchmark reaffirmed a “hold” rating on shares of Qorvo in a research report on Wednesday, January 29th. Finally, The Goldman Sachs Group decreased their price target on shares of Qorvo from $99.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $95.84.

Check Out Our Latest Stock Report on Qorvo

Qorvo Trading Up 1.4 %

Shares of QRVO opened at $57.63 on Friday. The stock has a fifty day moving average price of $68.91 and a two-hundred day moving average price of $75.55. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.78 and a current ratio of 2.60. The company has a market cap of $5.38 billion, a price-to-earnings ratio of 205.82, a PEG ratio of 15.57 and a beta of 1.43. Qorvo has a 52-week low of $49.46 and a 52-week high of $130.99.

About Qorvo

(Get Free Report)

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.

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