Semiconductor Stock Rises After Earnings, Acquisition

QRVO has marked both 52-week highs and lows since November

Deputy Editor
Feb 1, 2024 at 10:53 AM
facebook X logo linkedin

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.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI