Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down – Time to Sell?

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) gapped down prior to trading 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 trading hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on TSEM. Wedbush boosted their target price on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Susquehanna lifted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research report on Thursday, May 14th. Finally, Benchmark lifted their price objective on Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Stock Down 10.6%

The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. The business’s 50 day simple moving average is $244.49 and its 200 day simple moving average is $173.81. The company has a market capitalization of $31.84 billion, a PE ratio of 131.69 and a beta of 0.87.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.09. The business had revenue of $413.63 million during the quarter, compared to analysts’ expectations of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.35 EPS. As a group, analysts anticipate that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in Tower Semiconductor by 3,222.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock valued at $549,779,000 after purchasing an additional 4,541,235 shares during the period. Capital International Investors purchased a new position in shares of Tower Semiconductor during the 4th quarter worth $222,530,000. Goldman Sachs Group Inc. grew its holdings in shares of Tower Semiconductor by 214.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock worth $259,083,000 after purchasing an additional 1,505,421 shares during the period. Turiya Advisors Asia Ltd acquired a new stake in shares of Tower Semiconductor during the 4th quarter worth about $172,848,000. Finally, Janus Henderson Group PLC increased its position in shares of Tower Semiconductor by 293.8% during the 4th quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after purchasing an additional 801,820 shares during the last quarter. 70.51% of the stock is currently 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.