Qorvo (NASDAQ:QRVO) Sets New 52-Week Low – Time to Sell?

Qorvo, Inc. (NASDAQ:QRVO) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $65.11 and last traded at $65.11, with a volume of 899369 shares traded. The stock had previously closed at $66.28.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Piper Sandler dropped their price objective on shares of Qorvo from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Friday, October 25th. StockNews.com downgraded Qorvo from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. Bank of America decreased their price objective on shares of Qorvo from $115.00 to $80.00 and set an “underperform” rating for the company in a report on Wednesday, October 30th. UBS Group decreased their price target on Qorvo from $115.00 to $90.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Finally, Craig Hallum dropped their price target on shares of Qorvo from $142.00 to $105.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $102.88.

Qorvo Trading Down 1.0 %

The firm has a market cap of $6.20 billion, a P/E ratio of -45.40, a PEG ratio of 5.26 and a beta of 1.49. The stock has a 50 day moving average of $92.43 and a 200 day moving average of $103.75. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.90 and a quick ratio of 1.38.

Qorvo (NASDAQ:QRVO) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.03. Qorvo had a negative net margin of 3.58% and a positive return on equity of 13.81%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the previous year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, equities research analysts predict that Qorvo, Inc. will post 3.37 EPS for the current year.

Insider Buying and Selling

In related news, VP Gina Harrison sold 689 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $107.67, for a total transaction of $74,184.63. Following the completion of the transaction, the vice president now owns 21,601 shares in the company, valued at $2,325,779.67. The trade was a 3.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Qorvo

Institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Qorvo during the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC grew its position in Qorvo by 81.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 257 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 115 shares during the period. Versant Capital Management Inc raised its stake in shares of Qorvo by 9,333.3% during the 2nd quarter. Versant Capital Management Inc now owns 283 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 280 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Qorvo by 163.4% during the 3rd quarter. Larson Financial Group LLC now owns 324 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 201 shares during the last quarter. Finally, New Millennium Group LLC purchased a new stake in shares of Qorvo in the second quarter worth about $34,000. Institutional investors own 88.57% of the company’s stock.

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.