Why Qorvo Rallied Double Digits Today
Shares of chipmaker (NASDAQ: QRVO) rallied 13.4% on Friday, as of 1:55 p.m. ET.
Qorvo soared on the news that an activist investor had taken a sizable stake in the company. Given that the stock is down about 29% in the last year and activist involvement could lead to shareholder-friendly moves, Qorvo rallied on the news.
In a filing today, Qorvo disclosed activist investing firm Starboard Value Partners had taken a 7.29 million share stake in the company, good for about $500 million and accounting for 7.7% of Qorvo's total shares outstanding.
Source Fool.com
Qorvo Inc. Stock
€75.64
1.070%
Currently there is a rather positive sentiment for Qorvo Inc. with 12 Buy predictions and 5 Sell predictions.
With a target price of 96 € there is a positive potential of 26.92% for Qorvo Inc. compared to the current price of 75.64 €.
