The stock of Qorvo Inc (NASDAQ:QRVO) gapped up by $0.01 today and has $71.40 target or 30.00% above today’s $54.92 share price. The 5 months technical chart setup indicates low risk for the $7.37 billion company. The gap was reported on Nov, 17 by Barchart.com. If the $71.40 price target is reached, the company will be worth $2.21 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock is up 0.33% or $0.18 after the news, hitting $54.92 per share. About 2.44M shares traded hands or 37.08% up from the average. Qorvo Inc (NASDAQ:QRVO) has declined 26.89% since April 15, 2015 and is downtrending. It has underperformed by 24.36% the S&P500.
Out of 14 analysts covering Qorvo Inc (NASDAQ:QRVO), 11 rate it “Buy”, 0 “Sell”, while 3 “Hold”. This means 79% are positive. Qorvo Inc was the topic in 25 analyst reports since July 22, 2015 according to StockzIntelligence Inc.
According to Zacks, “Qorvo, Inc. is a provider of technologies and RF solutions for mobile, infrastructure and aerospace/defence applications. The Company operates through two subsidiaries: RF Micro Devices, Inc. (RFMD) and TriQuint Semiconductor, Inc. (TriQuint). RFMD designs and manufactures radio frequency solutions. TriQuint designs, develops and manufactures active and passive technologies, including power amplifier, switch and filter modules for the mobile device, network infrastructure, and defence and aerospace markets. Its products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading. Qorvo, Inc.is based in United States.”
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