Qorvo Inc. [QRVO] is -30.55% lower this YTD. Is it still time to buy?


Qorvo Inc. [NASDAQ: QRVO] jumped around 1.74 points on Thursday, while shares priced at $108.61 at the close of the session, up 1.63%. The company report on August 4, 2022 that Qorvo® Biotechnologies Receives FDA Emergency Use Authorization (EUA) for Rapid COVID-19 Antigen Testing at the Point of Care.

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Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted emergency use authorization (EUA) for the Qorvo Omnia™ SARS-CoV-2 Antigen Test in Point-of-Care (POC) settings.

The test is authorized for the qualitative detection of nucleocapsid viral antigens from SARS-CoV-2 (COVID-19) in nasal swab specimens from individuals who are suspected of COVID-19 within six days of symptom onset. The test is also authorized for individuals without symptoms or other epidemiological reasons to suspect COVID-19 when tested twice over three days, with at least 24 hours and no more than 48 hours between tests. The FDA previously granted an EUA for use in moderate and high complexity settings such as laboratories. This EUA significantly expands the market for Qorvo beyond laboratories to include physician offices, urgent care centers, retail pharmacies, employee health testing, and any other locations where CLIA waived tests can be performed.

Qorvo Inc. stock is now -30.55% down from its year-to-date (YTD) trading value. QRVO Stock saw the intraday high of $109.00 and lowest of $96.80 per share. The company’s 52-week high price is 201.46, which means current price is +20.46% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 1.46M shares, QRVO reached a trading volume of 3366660 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Qorvo Inc. [QRVO]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for QRVO shares is $133.81 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on QRVO stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Cowen have made an estimate for Qorvo Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on August 04, 2022. While these analysts kept the previous recommendation, Cowen dropped their target price from $150 to $108. The new note on the price target was released on July 11, 2022, representing the official price target for Qorvo Inc. stock. Previously, the target price had yet another drop from $125 to $95, while BofA Securities kept a Underperform rating on QRVO stock. On May 05, 2022, analysts decreased their price target for QRVO shares from 175 to 152.

The Average True Range (ATR) for Qorvo Inc. is set at 4.17, with the Price to Sales ratio for QRVO stock in the period of the last 12 months amounting to 2.45. The Price to Book ratio for the last quarter was 2.57, with the Price to Cash per share for the same quarter was set at 9.27. Price to Free Cash Flow for QRVO in the course of the last twelve months was 13.63 with Quick ratio for the last quarter at 2.50.

How has QRVO stock performed recently?

Qorvo Inc. [QRVO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.59. With this latest performance, QRVO shares gained by 10.89% in over the last four-week period, additionally sinking by -24.34% over the last 6 months – not to mention a drop of -43.98% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for QRVO stock in for the last two-week period is set at 61.35, with the RSI for the last a single of trading hit 67.04, and the three-weeks RSI is set at 57.08 for Qorvo Inc. [QRVO]. The present Moving Average for the last 50 days of trading for this stock 101.80, while it was recorded at 105.07 for the last single week of trading, and 128.54 for the last 200 days.

Qorvo Inc. [QRVO]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Qorvo Inc. [QRVO] shares currently have an operating margin of +28.02 and a Gross Margin at +49.29. Qorvo Inc.’s Net Margin is presently recorded at +22.24.

Return on Equity for this stock inclined to 22.51, with Return on Assets sitting at 14.03.

Qorvo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.50 and a Current Ratio set at 3.60.

Earnings analysis for Qorvo Inc. [QRVO]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for QRVO. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Qorvo Inc. go to 12.34%.

Insider trade positions for Qorvo Inc. [QRVO]

There are presently around $10,141 million, or 91.60% of QRVO stock, in the hands of institutional investors. The top three institutional holders of QRVO stocks are: VANGUARD GROUP INC with ownership of 12,196,858, which is approximately 0.481% of the company’s market cap and around 0.30% of the total institutional ownership; BLACKROCK INC., holding 8,956,246 shares of the stock with an approximate value of $972.74 million in QRVO stocks shares; and BAUPOST GROUP LLC/MA, currently with $721.79 million in QRVO stock with ownership of nearly 11.773% of the company’s market capitalization.

Positions in Qorvo Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 290 institutional holders increased their position in Qorvo Inc. [NASDAQ:QRVO] by around 8,901,821 shares. Additionally, 364 investors decreased positions by around 14,607,440 shares, while 102 investors held positions by with 69,863,714 shares. The mentioned changes placed institutional holdings at 93,372,975 shares, according to the latest SEC report filing. QRVO stock had 65 new institutional investments in for a total of 784,014 shares, while 118 institutional investors sold positions of 1,029,053 shares during the same period.