QRVO - This Growth Stock Might Be Ready to Go Parabolic and It Is Incredibly Cheap Right Now
2024-06-26 10:15:00 ET
Known for primarily supplying chips to smartphone manufacturers, Qorvo (NASDAQ: QRVO) has delivered underwhelming returns on the stock market so far in 2024 with a flat performance. That's quite weak compared to the 32% gains that the PHLX Semiconductor Sector index has delivered so far this year, but the good part is that Qorvo stock has gained impressive momentum of late.
A closer look at the chart below indicates that Qorvo may be making a parabolic move.
Shares of the company, which counts Apple as its largest customer, are up 16% in June. A closer look at Qorvo's latest quarterly report and its solid prospects indicate that the stock could sustain its terrific momentum and may even go parabolic, which refers to the rapid rise in the price of a company in a short time -- similar to the right side of a parabolic curve.
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This Growth Stock Might Be Ready to Go Parabolic, and It Is Incredibly Cheap Right Now