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

Qorvo, Inc. (NASDAQ:QRVO) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 2,910,000 shares, a decline of 22.2% from the August 15th total of 3,740,000 shares. Based on an average daily trading volume, of 1,750,000 shares, the short-interest ratio is currently 1.7 days. Approximately 3.2% of the shares of the company are sold short. Approximately 3.2% of the shares of the company are sold short. Based on an average daily trading volume, of 1,750,000 shares, the short-interest ratio is currently 1.7 days.

Qorvo Price Performance

NASDAQ:QRVO opened at $87.67 on Thursday. The company has a market capitalization of $8.12 billion, a P/E ratio of 103.14, a P/E/G ratio of 1.70 and a beta of 1.39. Qorvo has a 12 month low of $49.46 and a 12 month high of $107.33. The business’s 50-day moving average is $88.56 and its 200 day moving average is $78.30. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO) last issued its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.30. The business had revenue of $818.80 million for the quarter, compared to analysts’ expectations of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%.The company’s revenue for the quarter was down 7.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.87 EPS. Qorvo has set its Q2 2026 guidance at 1.750-2.250 EPS. On average, equities research analysts forecast that Qorvo will post 4.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. UBS Group set a $100.00 price objective on Qorvo and gave the company a “neutral” rating in a research report on Wednesday, July 30th. Needham & Company LLC lifted their price target on shares of Qorvo from $90.00 to $104.00 and gave the company a “buy” rating in a report on Wednesday, July 30th. Craig Hallum restated a “buy” rating on shares of Qorvo in a research note on Wednesday, July 30th. Benchmark lifted their target price on shares of Qorvo from $95.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen upgraded shares of Qorvo from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 2nd. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $95.35.

Institutional Investors Weigh In On Qorvo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Qorvo by 5.0% during the 2nd quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after buying an additional 175,031 shares during the period. Jericho Capital Asset Management L.P. purchased a new stake in shares of Qorvo in the first quarter valued at $168,980,000. Contour Asset Management LLC purchased a new stake in shares of Qorvo in the first quarter valued at $151,698,000. Norges Bank purchased a new stake in Qorvo in the 2nd quarter worth about $153,994,000. Finally, Bank of America Corp DE raised its position in Qorvo by 20.2% in the 2nd quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock worth $128,975,000 after purchasing an additional 255,068 shares during the period. 88.57% of the stock is currently owned by hedge funds and other 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.