Qorvo (QRVO) Moves 14.4% Higher: Will This Strength Last?

Qorvo QRVO shares ended the last trading session 14.4% higher at $84.21. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 7% gain over the past four weeks.Qorvo is well-positioned to win some of the industry's highest growth opportunities by leveraging its diversified product portfolio, systems-level expertise, R&D and manufacturing scale and internal assembly and test capabilities. The company’s automotive-qualified QPF5100Q Ultra-Wideband (UWB) System-on-Chip (SoC) solution is currently being sampled at key customers.  The SoC solution is designed to match the rising demand within the automotive industry for highly precise and reliable UWB technology, particularly for applications such as secure keyless entry, Digital Key and UWB radar functionalities like child presence detection and motion sensing. This will significantly boost Qorvo’s commercial prospects in the automotive vertical.Qorvo revealed that Starboard Value recently acquired a 7.7% stake in the company for around $500 million. Starboard primarily focuses on investing in undervalued companies and exploring new opportunities to drive greater value for shareholders. These factors have instilled investor optimism, which probably propelled the share price appreciation.This chipmaker is expected to post quarterly earnings of $1.20 per share in its upcoming report, which represents a year-over-year change of -42.9%. Revenues are expected to be $901.32 million, down 16.1% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Qorvo, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QRVO going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Qorvo is a member of the Zacks Semiconductors - Radio Frequency industry. One other stock in the same industry, Skyworks Solutions SWKS, finished the last trading session 2.4% higher at $93.64. SWKS has returned 3.6% over the past month.For Skyworks, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.57. This represents a change of -20.3% from what the company reported a year ago. Skyworks currently has a Zacks Rank of #3 (Hold).5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Qorvo, Inc. (QRVO): Free Stock Analysis Report Skyworks Solutions, Inc. (SWKS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks