Highly rated chipmaker Qorvo (QRVO) continues to put up outstanding profit and sales growth numbers. And on Wednesday the Relative Strength (RS) Rating for Apple (AAPL) chip supplier Qorvo stock headed into a higher percentile, climbing from 70 to 76.
The 76 RS Rating means Greensboro, N.C.-based Qorvo stock has outperformed 76% of all stocks over the past year.
Other Key Qorvo Stock Ratings
Decades of market research reveals that the best-performing stocks typically have an RS Rating north of 80 as they begin their largest price moves. See if Qorvo can continue to show renewed price strength and clear that threshold.
Qorvo makes chips used in smartphones, including Apple’s iPhone, as well as base stations, wireless networks and other applications.
Additionally, Qorvo stock’s Accumulation/Distribution Rating is B- on an A+ to E scale. That indicates moderate buying by big institutional investors.
In terms of fundamentals, Qorvo’s earnings grew 75% last quarter, to $2.74. That was up from 66% growth in the prior report. Revenue growth also increased, from 26% to 36%, or $1.07 billion. Look for the next report on or around July 29.
Qorvo holds the No. 2 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. ChipMOS Technologies (IMOS) and Analog Devices (ADI) are also among the group’s highest-rated stocks.
Qorvo is working on a cup without handle with a 201.78 buy point. See if the stock can clear the breakout price in heavy trading. After dropping as low as 67.54 near the end of March 2020 during the coronavirus market pullback, Qorvo stock has shot up about 188% to 194.38 Wednesday afternoon, down fractionally for the day.
When looking for the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD’s proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock’s price action over the trailing 52 weeks compares to the rest of the market.
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