Tower Semiconductor (NASDAQ:TSEM) Shares Down 11.6% – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price was down 11.6% during trading on Thursday . The stock traded as low as $220.02 and last traded at $217.0170. Approximately 1,262,697 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 2,439,430 shares. The stock had previously closed at $245.46.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Wedbush increased their target price on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Susquehanna raised their target price on shares of 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 boosted their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Stock Down 14.0%

The stock has a market cap of $23.73 billion, a price-to-earnings ratio of 98.61 and a beta of 0.87. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04. The stock has a fifty day moving average of $251.10 and a two-hundred day moving average of $180.83.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. USA Financial Formulas purchased a new stake in Tower Semiconductor during the fourth quarter worth approximately $27,000. Hanson & Doremus Investment Management acquired a new stake in shares of Tower Semiconductor in the first quarter worth $53,000. CIBC Private Wealth Group LLC raised its stake in shares of Tower Semiconductor by 254.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after acquiring an additional 300 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Tower Semiconductor in the 4th quarter valued at $52,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of 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 acquiring an additional 403 shares in the last quarter. Hedge funds and other 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.