Tower Semiconductor (NASDAQ:TSEM) Shares Down 9.3% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price fell 9.3% on Monday . The company traded as low as $250.07 and last traded at $248.5110. 892,590 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,600,414 shares. The stock had previously closed at $273.98.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TSEM. Wedbush raised their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday. Susquehanna raised their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday. Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Barclays raised their target price on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Tower Semiconductor has an average rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Trading Down 11.9%

The company has a market cap of $27.15 billion, a price-to-earnings ratio of 112.24 and a beta of 0.85. The business’s fifty day moving average price is $189.11 and its 200 day moving average price is $142.36. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92.

Tower Semiconductor (NASDAQ:TSEM) last issued its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.09. The company had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. Tower Semiconductor’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.35 earnings per share. Research analysts anticipate that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the company. Y.D. More Investments Ltd lifted its holdings in Tower Semiconductor by 4.6% in the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock valued at $118,084,000 after buying an additional 44,401 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in 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 during the period. Argent Trust Co acquired a new position in Tower Semiconductor in the third quarter valued at $287,000. Granahan Investment Management LLC lifted its holdings in Tower Semiconductor by 42.6% in the third 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 in the fourth quarter valued at $5,296,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

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.