Short Interest in Qorvo, Inc. (NASDAQ:QRVO) Drops By 22.2%

Key Points

• Qorvo, Inc. experienced a significant drop in short interest, declining by 22.2% to 2,910,000 shares as of August 31, representing about 3.2% of its total shares.
• The company reported $0.92 earnings per share for the last quarter, exceeding expectations, though revenue fell 7.7% year-over-year.
• Research analysts have generally positive sentiments, with several upgrades, including price targets raised to between $100.00 and $125.00, and an average rating of Hold with a consensus price target of $95.35.

Qorvo, Inc. (NASDAQ:QRVO - Get Free Report) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 2,910,000 shares, a drop 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 days-to-cover ratio is currently 1.7 days. Currently, 3.2% of the shares of the stock are sold short. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,750,000 shares, the days-to-cover ratio is currently 1.7 days.

Hedge Funds Weigh In On Qorvo

Hedge funds have recently modified their holdings of the stock. Jericho Capital Asset Management L.P. acquired a new stake in shares of Qorvo in the first quarter valued at approximately $168,980,000. Contour Asset Management LLC purchased a new position in Qorvo in the 1st quarter worth approximately $151,698,000. Norges Bank purchased a new position in Qorvo in the 2nd quarter worth approximately $153,994,000. LSV Asset Management increased its position in shares of Qorvo by 118.0% during the second quarter. LSV Asset Management now owns 1,382,970 shares of the semiconductor company's stock valued at $117,428,000 after buying an additional 748,589 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Qorvo by 2,096.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 498,122 shares of the semiconductor company's stock worth $36,069,000 after buying an additional 475,444 shares in the last quarter. Institutional investors own 88.57% of the company's stock.

Qorvo Price Performance

QRVO stock traded up $1.78 during trading on Friday, hitting $91.81. The company had a trading volume of 11,604,052 shares, compared to its average volume of 2,134,697. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45. The company has a market cap of $8.51 billion, a P/E ratio of 108.01, a P/E/G ratio of 1.79 and a beta of 1.39. Qorvo has a fifty-two week low of $49.46 and a fifty-two week high of $107.33. The company has a fifty day moving average price of $88.63 and a two-hundred day moving average price of $78.70.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.30. The firm had revenue of $818.80 million during the quarter, compared to analysts' expectations of $775.61 million. Qorvo had a net margin of 2.21% and a return on equity of 12.63%. The company's quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.87 EPS. Qorvo has set its Q2 2026 guidance at 1.750-2.250 EPS. Equities research analysts expect that Qorvo will post 4.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on QRVO shares. Craig Hallum reissued a "buy" rating on shares of Qorvo in a research note on Wednesday, July 30th. Wall Street Zen upgraded Qorvo from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. UBS Group set a $100.00 target price on shares of Qorvo and gave the company a "neutral" rating in a research note on Wednesday, July 30th. Citigroup reiterated a "sell" rating on shares of Qorvo in a research report on Wednesday, September 10th. Finally, Mizuho set a $84.00 target price on Qorvo and gave the stock a "neutral" rating in a research report on Tuesday, July 1st. Five analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Qorvo has an average rating of "Hold" and a consensus price target of $95.35.

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.