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

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares gapped up before the market opened on Monday . The stock had previously closed at $124.71, but opened at $133.66. Tower Semiconductor shares last traded at $136.54, with a volume of 882,997 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Susquehanna reiterated a “positive” rating and issued a $180.00 price target on shares of Tower Semiconductor in a report on Thursday, February 12th. Barclays increased their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tower Semiconductor in a report on Monday, December 29th. Wedbush boosted their target price on Tower Semiconductor from $125.00 to $140.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Finally, Benchmark boosted their target price on Tower Semiconductor from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Two research 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 stock has an average rating of “Hold” and a consensus target price of $156.75.

Tower Semiconductor Stock Down 0.4%

The firm has a market cap of $15.50 billion, a PE ratio of 71.43 and a beta of 0.91. The company has a 50-day simple moving average of $128.04 and a 200-day simple moving average of $103.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.48 and a quick ratio of 5.51.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, February 11th. The semiconductor company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.11. Tower Semiconductor had a return on equity of 7.86% and a net margin of 14.08%.The firm had revenue of $440.21 million for the quarter, compared to the consensus estimate of $439.81 million. During the same period in the prior year, the business posted $0.49 earnings per share. The company’s revenue for the quarter was up 13.7% on a year-over-year basis. Analysts expect that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current fiscal year.

Institutional Trading of Tower Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the business. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor during the fourth quarter valued at $27,000. CIBC Private Wealth Group LLC increased its stake in Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after buying an additional 300 shares during the period. Westside Investment Management Inc. lifted its holdings in Tower Semiconductor by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 452 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 226 shares in the last quarter. Advisory Services Network LLC bought a new stake in Tower Semiconductor during the 3rd quarter valued at about $48,000. Finally, Covestor Ltd purchased a new stake in Tower Semiconductor in the 3rd quarter valued at about $52,000. 70.51% of the stock is currently owned by 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.