By Adriano Marchese
Qorvo shares rose in early trading Friday after a Wall Street Journal report found that activist investor Starboard Value has built a big stake in the chip maker and is looking to push for changes.
Shares rose 7.3% higher in premarket trading at $78.99.
The report late on Thursday found that Starboard has amassed a 7.7% position in the company and is seeking changes to boost the company's lagging share price, according to people familiar with the matter.
Qorvo makes so-called radio frequency chips used by customers such as smartphone makers and infrastructure and defense companies.
The company's stock fell sharply late last year after it guided for quarterly revenue and profit to be below analyst estimates.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
January 17, 2025 06:22 ET (11:22 GMT)
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