Tower Semiconductor Ltd. (TSEM) Trading Up 1.9%
Tower Semiconductor Ltd. (NASDAQ:TSEM) was up 1.9% during mid-day trading on Thursday . The stock traded as high as $16.00 and last traded at $15.97, with a volume of 238,151 shares. The stock had previously closed at $15.67.
Several equities research analysts have issued reports on TSEM shares. Drexel Hamilton restated a “positive” rating and set a $28.00 price objective on shares of Tower Semiconductor in a report on Friday, August 5th. Needham & Company LLC restated a “strong-buy” rating and set a $18.00 price objective on shares of Tower Semiconductor in a report on Monday, May 9th. Finally, TheStreet upgraded Tower Semiconductor from a “sell” rating to a “hold” rating in a report on Tuesday, May 10th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $23.00.
The stock has a market capitalization of $1.38 billion and a P/E ratio of 9.87. The company has a 50-day moving average of $14.30 and a 200 day moving average of $12.84.
Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Thursday, August 4th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.10. The firm earned $305 million during the quarter, compared to analysts’ expectations of $300 million. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. Equities research analysts expect that Tower Semiconductor Ltd. will post $1.54 earnings per share for the current year.
An institutional investor recently bought a new position in Tower Semiconductor stock. Trexquant Investment LP bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 75,100 shares of the company’s stock, valued at approximately $1,056,000. Trexquant Investment LP owned approximately 0.10% of Tower Semiconductor as of its most recent filing with the SEC.
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. It manufactures semiconductors for its customers primarily based on third-party designs.
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