QRVO posted strong fiscal third-quarter results and announced its acquisition of Anokiwave
Semiconductor stock Qorvo Inc (NASDAQ:QRVO) is up 4.7% to trade at $104.47 today, after the company's strong fiscal third-quarter results and upbeat current-quarter forecast. Qorvo also announced its acquisition of microchip producer Anokiwave, expected to close in the March quarter.
In response, six brokerages lifted their price targets, the highest coming from Craig-Hallum to $125 from $110, while Piper Sandler cut its price objective to $105 from $120. Upgrades could be in store, considering 17 of the 24 in coverage maintain "hold" or worse ratings.
QRVO earlier traded as high as $108.43. While the shares are a far cry from their Dec. 26 52-week high of $114.97, they are up 30% off their Nov. 2 52-week low of $80.62. Year-to-date, the choppiness has persisted; despite today's gains, the stock remains down roughly 7% in 2024.
The equity's typically quiet options pits have already seen 4.2 times its average daily options volume. The February 100 put is the most popular contract by far, and also happens to be the top open interest (OI) position. This trend is nothing new, per the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.74, which stands two percentage points from an annual high.