ASE Technology (NYSE:ASX) Shares Gap Down – Here’s What Happened

ASE Technology Holding Co., Ltd. (NYSE:ASX) shares gapped down before the market opened on Thursday. The stock had previously closed at $37.51, but opened at $33.90. ASE Technology shares last traded at $32.4110, with a volume of 2,615,746 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ASX shares. Wall Street Zen raised ASE Technology from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Zacks Research raised ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 22nd. Finally, Weiss Ratings raised shares of ASE Technology from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company’s stock. According to MarketBeat.com, ASE Technology has an average rating of “Strong Buy”.

ASE Technology Price Performance

The company has a current ratio of 1.16, a quick ratio of 0.88 and a debt-to-equity ratio of 0.70. The stock has a fifty day simple moving average of $41.30 and a two-hundred day simple moving average of $33.62. The company has a market cap of $70.81 billion, a PE ratio of 29.60 and a beta of 1.79.

ASE Technology (NYSE:ASX) last posted its quarterly earnings results on Thursday, October 29th. The semiconductor company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. The business had revenue of $7.66 billion during the quarter, compared to analysts’ expectations of $7.30 billion. ASE Technology had a return on equity of 18.97% and a net margin of 9.77%. On average, equities analysts predict that ASE Technology Holding Co., Ltd. will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ASX. Ninety One UK Ltd lifted its position in shares of ASE Technology by 591.1% during the 3rd quarter. Ninety One UK Ltd now owns 688,777 shares of the semiconductor company’s stock valued at $30,623,000 after acquiring an additional 589,119 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in ASE Technology in the 1st quarter valued at approximately $10,436,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in ASE Technology during the first quarter worth $8,932,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in ASE Technology during the third quarter worth $15,461,000. Finally, Nykredit A S purchased a new stake in ASE Technology during the second quarter worth $14,247,000. 6.80% of the stock is currently owned by institutional investors and hedge funds.

ASE Technology Company Profile

ASE Technology Holding Co provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices.

The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.

ASE Technology was formed in 2018 through the combination of Advanced Semiconductor Engineering and Siliconware Precision Industries.