ASE Technology (NYSE:ASX) Shares Gap Up – Still a Buy?

ASE Technology Holding Co., Ltd. (NYSE:ASX) shares gapped up prior to trading on Tuesday. The stock had previously closed at $34.36, but opened at $35.87. ASE Technology shares last traded at $35.6280, with a volume of 4,544,264 shares.

Wall Street Analysts Forecast Growth

ASX has been the topic of a number of analyst reports. Zacks Research raised shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 22nd. Wall Street Zen upgraded ASE Technology from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Finally, Weiss Ratings upgraded ASE Technology from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy”.

ASE Technology Price Performance

The business’s 50-day moving average price is $41.23 and its 200 day moving average price is $33.70. The company has a quick ratio of 0.88, a current ratio of 1.16 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $78.22 billion, a P/E ratio of 32.55 and a beta of 1.79.

ASE Technology (NYSE:ASX) last posted its earnings results on Thursday, October 29th. The semiconductor company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. ASE Technology had a net margin of 9.77% and a return on equity of 18.97%. The business had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.30 billion. Analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On ASE Technology

Institutional investors have recently made changes to their positions in the stock. Nilsine Partners LLC purchased a new position in shares of ASE Technology in the second quarter valued at about $1,278,000. Nykredit A S purchased a new stake in shares of ASE Technology during the second quarter worth about $14,247,000. Navellier & Associates Inc. purchased a new stake in shares of ASE Technology during the second quarter worth about $3,975,000. Blue Jean Financial LLC bought a new stake in shares of ASE Technology in the third quarter worth about $4,168,000. Finally, Hsbc Holdings PLC grew its stake in shares of ASE Technology by 7.5% in 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 last quarter. Institutional investors own 6.80% of the company’s stock.

About ASE Technology

ASE Technology Holding Co. provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices. The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.