Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Qorvo Inc. shares valued at $206,118 were sold by FEGO PAUL J on Sep 15. At $85.42 per share, FEGO PAUL J sold 2,413 shares. The insider’s holdings dropped to 31,666 shares worth approximately $2.6 million following the completion of this transaction.
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Also, GARDNER JEFFERY R sold 1,500 shares, netting a total of over 133,740 in proceeds. Following the sale of shares at $89.16 each, the insider now holds 29,360 shares.
Before that, Stewart Frank P. had sold 1,224 shares from its account. In a trade valued at $122,730, the VP, Advanced Cellular traded Qorvo Inc. shares for $100.27 each. Upon closing the transaction, the insider’s holdings decreased to 1,224 shares, worth approximately $0.41 million.
As published in their initiating research note from Exane BNP Paribas on September 13, 2022, Qorvo Inc. [QRVO] has been a Neutral and the price target has been revised to $100. This represents a 18.03% premium over Thursday’s closing price. Analysts at Cowen resumed the stock at ‘”a Market perform”‘ outlook in a report released in early August. As of July 11, 2022, Cowen has decreased its “an Outperform” rating to a “Market perform” for QRVO. Earlier on June 29, 2022, BofA Securities downgraded its rating. Their new recommendation was “an Underperform” for QRVO stock which previously was a “a Neutral”.
Analyzing QRVO’s Price Performance
On Thursday, Qorvo Inc. [NASDAQ: QRVO] plunged -2.96% to $81.97. The stock’s lowest price that day was $81.15, but it reached a high of $84.24 in the same session. During the last five days, there has been a drop of approximately -4.05%. Over the course of the year, Qorvo Inc. shares have dropped approximately -47.59%. Shares of the company reached a 52-week high of $163.12 on 01/04/22 and a 52-week low of $81.15 on 09/22/22. A 50-day SMA is recorded $98.37, while a 200-day SMA reached $117.76. Nevertheless, trading volume fell to 1.41 million shares from 1.13 million shares the previous day.
Support And Resistance Levels for Qorvo Inc. (QRVO)
According to the 24-hour chart, there is a support level at 80.67, which, if violated, would cause prices to drop to 79.36. In the upper region, resistance lies at 83.76. The next price resistance is at 85.54. RSI (Relative Strength Index) is 29.50 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -3.77, which suggests the price will decrease in the coming days. Percent R is at 94.07%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Qorvo Inc. subject to short interest?
Stocks of Qorvo Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 0.17 million shares to 2.9 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 2.73 million shares. A jump of 5.86% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.05 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.05.
Which companies own the most shares of Qorvo Inc. (QRVO)?
According to The Vanguard Group, Inc. filings, the company currently owns 11,761,662 shares, which is about 11.40% of the total QRVO shares outstanding. The investor’s shares have plunged by -882 from its previous 13-F filing of 11762544.0 shares. With the completion of the buy transaction, The Baupost Group LLC’s stake is now worth $625,500,492. BlackRock Fund Advisors reduced a -1.42% interest valued at $579.06 million while Capital Research & Management Co purchased a 1,012,618 stake. A total of 39,929 shares of Qorvo Inc. were bought by Boston Partners Global Investors, during the quarter, and -708,110 were sold by Vulcan Value Partners LLC. In its current portfolio, SSgA Funds Management, Inc. holds 4,656,970 shares valued at $418.1 million.