Qorvo Inc (NASDAQ:QRVO) is a longtime favorite stock of mine. I’ve talked about it on my show, Making Money with Charles Payne, many times, dating all the way back to when it was RF Micro Devices and TriQuint Semiconductor — a merger between the two companies in January 2015 created the Qorvo we know today.
I’ve also recommended it twice in my Smart Trader newsletter, with the most recent one yielding a 16% profit.
Qorvo’s products are involved with radio frequency (RF) application in mobile, infrastructure and defense and aerospace. This is a space I really like, especially as it has so many possibilities in areas from tech to medical devices to supply chain.
Execution can be an issue with QRVO stock from time to time, but there’s no question this is a great company. Just take a look at the chart below. Like any high flyer, the stock occasionally hits air pockets, but since finding a bottom early last year its performance has been strong.
QRVO Stock Chart
QRVO got stuck under $57.50 for a while late last year but has had an especially terrific start to 2017, running from $53 to current prices near $67, helped in part by some takeover talk.
It has been trading above both its 50- and 200-day moving averages since early January and is currently sitting near a 52-week high.
It’s worth noting that the relative strength index (RSI, located at the bottom of the chart) has inched above 70, which is traditionally considered overbought territory, so we may see the rally start to fizzle or the stock consolidate in the near term. But there’s nothing wrong with a healthy breather.
Regardless, I continue to believe the upside is high for QRVO. Because it’s prone to more volatility, I’ve always tried to buy on big dips after rallies. However, those with ice water in their veins could probably hold on for the ride and look back a year or three from now and be very happy.
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