Tower Semiconductor (NASDAQ:TSEM) Trading Down 11.6% – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price fell 11.6% during trading on Thursday . The stock traded as low as $220.02 and last traded at $217.0170. Approximately 1,262,697 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,439,430 shares. The stock had previously closed at $245.46.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Benchmark upped their target price on Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Susquehanna upped their price target on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Finally, Wedbush lifted their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Stock Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. The stock has a 50-day moving average price of $251.10 and a 200-day moving average price of $180.83. The firm has a market capitalization of $23.73 billion, a PE ratio of 98.61 and a beta of 0.87.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.09. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.The firm had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. Tower Semiconductor’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, research analysts expect that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the business. Y.D. More Investments Ltd raised its holdings in Tower Semiconductor by 4.6% in the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock valued at $118,084,000 after acquiring an additional 44,401 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Tower Semiconductor by 0.8% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after acquiring an additional 25,000 shares during the last quarter. Granahan Investment Management LLC grew its holdings in Tower Semiconductor by 42.6% during the 3rd quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company’s stock worth $12,883,000 after acquiring an additional 53,208 shares in the last quarter. Rockingstone Advisors LLC acquired a new position in Tower Semiconductor during the 4th quarter worth $5,296,000. Finally, GF Fund Management CO. LTD. increased its position in shares of Tower Semiconductor by 26,835.5% in the 4th quarter. GF Fund Management CO. LTD. now owns 308,412 shares of the semiconductor company’s stock worth $36,214,000 after purchasing an additional 307,267 shares during the last quarter. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

Tower Semiconductor Company Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.