Shares Of Qorvo Inc (QRVO) Tumble After Weak Guidance, Hedge Funds Growing Wary?

How are hedge funds trading Qorvo Inc (NASDAQ:QRVO)?

AQR Capital Management, managed by Cliff Asness, is one of the funds tracked by Insider Monkey that was long in Qorvo Inc (NASDAQ:QRVO) at the end of the first quarter, owning 860,877 shares, having a market value of $68.61 million. The fund had 0.16% of its 13F portfolio invested in the stock. Arrowstreet Capital, led by Peter Rathjens, Bruce Clarke and John Campbell, held 250,097 shares of the stock valued at $19.93 million, representing 0.12% of its 13F portfolio value at the end of the first quarter. Some other hedge funds that had notable stakes in the stock at the end of the first quarter were Daniel Benton’s Andor Capital Management, and Ken Heebner’s Capital Growth Management. During the first quarter, only four funds reduced their positions in the stock, while one completely closed its position.

With the stock having been formed in January, the first quarter mainly consisted of funds creating new positions. The trend was, however, different in the second quarter with several hedge funds that have filed their 13Fs thus far having reduced their stakes. Fisher Asset Management, headed by billionaire Ken Fisher, was among the hedge funds that reduced their stakes in the stock during the second quarter, having cut its position by 672,825 shares. Overall, however, several big owners still remained bullish on the stock.

In conclusion, the company’s second quarter guidance gives a bleak picture of the stock. Hedge funds’ sentiment also doesn’t show the kind of confidence it portrayed in the first quarter of 2015. Insider Monkey concludes that Qorvo Inc (NASDAQ:QRVO) is not a good investment at the moment.

Disclosure: None