Tower Semiconductor (NASDAQ:TSEM) Trading Down 12% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price was down 12% during trading on Tuesday . The company traded as low as $210.60 and last traded at $212.9440. Approximately 1,304,117 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,519,340 shares. The stock had previously closed at $242.04.

Analysts Set New Price Targets

A number of equities analysts have commented on TSEM shares. Wedbush lifted their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research note on Thursday, May 14th. Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. Finally, Barclays raised their target price on shares of Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a 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 company’s stock. According to data from MarketBeat, Tower Semiconductor presently has a consensus rating of “Hold” and an average price target of $276.75.

Tower Semiconductor Stock Up 10.6%

The company’s fifty day moving average price is $230.74 and its 200-day moving average price is $163.93. The stock has a market cap of $29.05 billion, a P/E ratio of 120.16 and a beta of 0.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.09. The firm had revenue of $413.63 million during 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%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.35 EPS. Equities analysts forecast that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Institutional Investors Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new stake in Tower Semiconductor during the 4th quarter valued at about $27,000. Hanson & Doremus Investment Management bought a new stake in Tower Semiconductor during the 1st quarter valued at about $53,000. CIBC Private Wealth Group LLC lifted its holdings in Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 300 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Tower Semiconductor during the 4th quarter valued at about $52,000. Finally, SBI Securities Co. Ltd. lifted its holdings in Tower Semiconductor by 344.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 403 shares in the last quarter. Institutional investors 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.