Qorvo (QRVO) Stock Sinks As Market Gains: What You Should Know
Qorvo (QRVO) closed at $193.69 in the latest trading session, marking a -0.66% move from the prior day. This change lagged the S&P 500's 0.15% gain on the day.
Prior to today's trading, shares of the chipmaker had gained 21.74% over the past month. This has outpaced the Computer and Technology sector's gain of 5.14% and the S&P 500's gain of 6.19% in that time.
Wall Street will be looking for positivity from QRVO as it approaches its next earnings report date. On that day, QRVO is projected to report earnings of $2.44 per share, which would represent year-over-year growth of 55.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.04 billion, up 32.27% from the year-ago period.
Investors might also notice recent changes to analyst estimates for QRVO. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.43% higher. QRVO currently has a Zacks Rank of #2 (Buy).
In terms of valuation, QRVO is currently trading at a Forward P/E ratio of 18.59. This represents a discount compared to its industry's average Forward P/E of 18.66.
It is also worth noting that QRVO currently has a PEG ratio of 1.33. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Semiconductors - Radio Frequency stocks are, on average, holding a PEG ratio of 1.16 based on yesterday's closing prices.
The Semiconductors - Radio Frequency industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 112, putting it in the top 45% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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