Tower Semiconductor Ltd. (TSEM) Short Interest Down 38.8% in October
Tower Semiconductor Ltd. (NASDAQ:TSEM) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,515,779 shares, a drop of 38.8% from the October 13th total of 2,476,903 shares. Based on an average daily volume of 623,438 shares, the short-interest ratio is presently 2.4 days. Currently, 1.9% of the company’s stock are short sold.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Insight Capital Research & Management Inc. purchased a new stake in Tower Semiconductor during the 3rd quarter worth about $2,479,000. Neuberger Berman Group LLC purchased a new stake in Tower Semiconductor during the 3rd quarter worth about $1,813,000. Highbridge Capital Management LLC purchased a new stake in Tower Semiconductor during the 3rd quarter worth about $391,000. Boothbay Fund Management LLC purchased a new stake in Tower Semiconductor during the 3rd quarter worth about $656,000. Finally, Lenox Wealth Management Inc. purchased a new stake in Tower Semiconductor during the 3rd quarter worth about $479,000. 45.32% of the stock is owned by institutional investors.
Shares of Tower Semiconductor (NASDAQ TSEM) opened at $34.59 on Friday. The stock has a market capitalization of $3,240.00, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.13 and a beta of 0.96. The company has a current ratio of 3.44, a quick ratio of 2.85 and a debt-to-equity ratio of 0.34. Tower Semiconductor has a fifty-two week low of $17.36 and a fifty-two week high of $35.00.
A number of research firms recently issued reports on TSEM. Drexel Hamilton lifted their target price on Tower Semiconductor from $36.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $39.00 target price (up from $32.00) on shares of Tower Semiconductor in a report on Wednesday, November 8th. BidaskClub lowered Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Credit Suisse Group began coverage on Tower Semiconductor in a report on Tuesday, September 26th. They issued an “outperform” rating and a $36.00 target price for the company. Finally, ValuEngine upgraded Tower Semiconductor from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Tower Semiconductor has a consensus rating of “Buy” and an average price target of $38.00.
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About Tower Semiconductor
Tower Semiconductor Ltd. operates as an independent semiconductor foundry focused primarily on specialty process technologies. The Company focuses on producing integrated circuits (ICs) based on the design specifications of its customers. The Company manufactures semiconductors for its customers primarily based on third-party designs.
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