ASE Technology (NYSE:ASX) Shares Break Above 50 Day Moving Average – What’s Next?

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $41.09 and traded as high as $42.17. ASE Technology shares last traded at $42.0870, with a volume of 9,532,470 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on ASX shares. 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. Zacks Research upgraded shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 22nd. Finally, Wall Street Zen cut ASE Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 19th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy”.

ASE Technology Stock Performance

The stock has a 50 day moving average price of $41.09 and a 200 day moving average price of $32.84.

ASE Technology (NYSE:ASX) last released its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $81.66 million during the quarter, compared to analyst estimates of $5.96 billion. Sell-side analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.26 EPS for the current fiscal year.

Hedge Funds Weigh In On ASE Technology

Several large investors have recently modified their holdings of the business. Hsbc Holdings PLC lifted its holdings in shares of ASE Technology by 7.5% during the first quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company’s stock worth $43,654,000 after purchasing an additional 140,628 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of ASE Technology by 9.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,399,553 shares of the semiconductor company’s stock worth $30,342,000 after purchasing an additional 125,324 shares during the last quarter. Sei Investments Co. increased its holdings in ASE Technology by 12.1% in the first quarter. Sei Investments Co. now owns 812,019 shares of the semiconductor company’s stock valued at $17,604,000 after purchasing an additional 87,689 shares during the period. Ninety One UK Ltd increased its holdings in ASE Technology by 591.1% in the third quarter. Ninety One UK Ltd now owns 688,777 shares of the semiconductor company’s stock valued at $30,623,000 after purchasing an additional 589,119 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in ASE Technology by 37.8% in the first quarter. Quantinno Capital Management LP now owns 588,182 shares of the semiconductor company’s stock valued at $12,752,000 after purchasing an additional 161,471 shares during the period. Institutional investors own 6.80% of the company’s stock.

About ASE Technology

ASE Technology Holding Co, Ltd. is a Taiwan-based provider of semiconductor manufacturing services. Through its subsidiaries, the company offers outsourced semiconductor assembly and test services, helping chip designers and manufacturers package, assemble and evaluate integrated circuits after wafer fabrication.

Its services include wafer probing, wafer bumping, semiconductor packaging, final testing and advanced packaging technologies such as flip-chip, system-in-package and fan-out solutions.