Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $316.85, but opened at $280.28. Tower Semiconductor shares last traded at $289.2630, with a volume of 449,730 shares traded.

Analyst Upgrades and Downgrades

TSEM has been the topic of a number of analyst reports. Susquehanna lifted their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research note on Thursday, May 14th. Benchmark increased their price target on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Finally, Wedbush raised their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tower Semiconductor has a consensus rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Trading Down 2.8%

The firm has a market capitalization of $30.91 billion, a PE ratio of 127.83 and a beta of 0.87. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The business has a fifty day moving average price of $247.38 and a two-hundred day moving average price of $176.11.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings data on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The firm had revenue of $413.63 million during the quarter, compared to the consensus estimate of $410.72 million. Tower Semiconductor had a return on equity of 8.54% and a net margin of 15.13%.During the same period last year, the company earned $0.35 EPS. The company’s quarterly revenue was up 15.5% on a year-over-year basis. Analysts expect that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the stock. Y.D. More Investments Ltd lifted its stake in Tower Semiconductor by 4.6% during the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock worth $118,084,000 after purchasing an additional 44,401 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Tower Semiconductor by 0.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock valued at $352,589,000 after buying an additional 25,000 shares in the last quarter. Argent Trust Co purchased a new stake in shares of Tower Semiconductor in the 3rd quarter valued at $287,000. Granahan Investment Management LLC raised its holdings in shares of Tower Semiconductor by 42.6% in the 3rd quarter. Granahan Investment Management LLC now owns 178,188 shares of the semiconductor company’s stock valued at $12,883,000 after buying an additional 53,208 shares during the period. Finally, Rockingstone Advisors LLC acquired a new position in Tower Semiconductor during the 4th quarter worth about $5,296,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

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.