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
€85.38
-0.500%
With 8 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
On the other hand, the target price of 79 € is below the current price of 85.38 € for Qorvo Inc., so the potential is actually -7.47%.
