StockNews.com Downgrades ASE Technology (NYSE:ASX) to Hold

StockNews.com cut shares of ASE Technology (NYSE:ASX) from a buy rating to a hold rating in a research report released on Wednesday.

Separately, Morgan Stanley cut ASE Technology from an overweight rating to an equal weight rating in a research note on Tuesday, June 25th.

ASE Technology Trading Down 3.2 %

Shares of ASE Technology stock opened at $8.94 on Wednesday. ASE Technology has a 52-week low of $7.25 and a 52-week high of $12.86. The stock’s 50-day simple moving average is $10.28 and its 200 day simple moving average is $10.61. The stock has a market capitalization of $19.60 billion, a P/E ratio of 19.43, a P/E/G ratio of 0.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 1.17.

ASE Technology (NYSE:ASX) last announced its quarterly earnings data on Thursday, July 25th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.11. ASE Technology had a return on equity of 9.90% and a net margin of 5.38%. The business had revenue of $4.33 billion for the quarter. During the same quarter in the prior year, the firm posted $0.12 earnings per share. As a group, research analysts anticipate that ASE Technology will post 0.51 EPS for the current year.

Institutional Investors Weigh In On ASE Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of ASE Technology during the second quarter valued at about $1,901,000. Creative Planning increased its position in shares of ASE Technology by 376.7% during the second quarter. Creative Planning now owns 121,125 shares of the semiconductor company’s stock valued at $1,383,000 after buying an additional 95,714 shares during the period. Driehaus Capital Management LLC increased its position in shares of ASE Technology by 105.3% during the second quarter. Driehaus Capital Management LLC now owns 982,028 shares of the semiconductor company’s stock valued at $11,215,000 after buying an additional 503,765 shares during the period. Earnest Partners LLC increased its position in shares of ASE Technology by 10.4% during the second quarter. Earnest Partners LLC now owns 2,840,090 shares of the semiconductor company’s stock valued at $32,434,000 after buying an additional 266,991 shares during the period. Finally, Squarepoint Ops LLC increased its position in shares of ASE Technology by 528.5% during the second quarter. Squarepoint Ops LLC now owns 478,766 shares of the semiconductor company’s stock valued at $5,468,000 after buying an additional 402,585 shares during the period. 6.80% of the stock is currently owned by institutional investors.

ASE Technology Company Profile

ASE Technology Holding Co, Ltd., together with its subsidiaries, provides semiconductors packaging and testing, and electronic manufacturing services in the United States, Taiwan, Asia, Europe, and internationally. It develops, constructs, sells, leases, and manages real estate properties; produces substrates; offers information software, equipment leasing, investment advisory, and warehousing management services; commercial complex, after-sales, and support services; manages parking lot services; processes and sells computer and communication peripherals, electronic components, telecommunications equipment, and motherboards; and imports and exports goods and technology.