Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down – Here’s Why

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) gapped down before the market opened on Tuesday . The stock had previously closed at $218.95, but opened at $201.50. Tower Semiconductor shares last traded at $207.6730, with a volume of 293,585 shares traded.

Wall Street Analysts Forecast Growth

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

Tower Semiconductor Trading Up 2.3%

The company has a market cap of $24.37 billion, a price-to-earnings ratio of 100.79 and a beta of 0.87. The firm has a 50-day moving average price of $252.27 and a 200 day moving average price of $184.38. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

Institutional Trading of Tower Semiconductor

Several institutional investors have recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new position in shares of Tower Semiconductor in the 4th quarter valued at about $27,000. CIBC Private Wealth Group LLC raised its stake in Tower Semiconductor by 254.2% during the third quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 300 shares during the period. Advisory Services Network LLC acquired a new stake in Tower Semiconductor during the third quarter worth about $48,000. Kestra Advisory Services LLC bought a new position in Tower Semiconductor in the fourth quarter worth about $52,000. Finally, Hanson & Doremus Investment Management bought a new position in Tower Semiconductor in the first quarter worth about $53,000. Institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

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.