Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares gapped down prior to trading on Monday . The stock had previously closed at $48.64, but opened at $46.01. Tower Semiconductor shares last traded at $47.88, with a volume of 290,179 shares trading hands.

Wall Street Analyst Weigh In

TSEM has been the topic of several analyst reports. Craig Hallum raised their price objective on Tower Semiconductor from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Wedbush reissued an “outperform” rating and issued a $60.00 price target on shares of Tower Semiconductor in a research note on Tuesday. Benchmark restated a “buy” rating and issued a $60.00 price target on shares of Tower Semiconductor in a report on Tuesday. StockNews.com lowered shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Susquehanna boosted their target price on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a “positive” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.00.

Tower Semiconductor Stock Performance

The stock has a market cap of $5.07 billion, a PE ratio of 24.75 and a beta of 0.88. The company has a debt-to-equity ratio of 0.05, a current ratio of 5.82 and a quick ratio of 4.89. The stock has a 50-day simple moving average of $50.74 and a 200-day simple moving average of $45.75.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The business had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $370.30 million. During the same quarter in the previous year, the business earned $0.47 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. Equities analysts predict that Tower Semiconductor Ltd. will post 1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in Tower Semiconductor by 12.7% in the fourth quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company’s stock valued at $105,000 after acquiring an additional 230 shares in the last quarter. Truist Financial Corp grew its holdings in Tower Semiconductor by 3.8% during the 2nd quarter. Truist Financial Corp now owns 7,432 shares of the semiconductor company’s stock valued at $292,000 after purchasing an additional 273 shares in the last quarter. Signaturefd LLC increased its stake in Tower Semiconductor by 21.1% during the 3rd quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company’s stock worth $109,000 after buying an additional 431 shares during the period. Van ECK Associates Corp lifted its holdings in Tower Semiconductor by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 33,680 shares of the semiconductor company’s stock worth $1,484,000 after buying an additional 522 shares in the last quarter. Finally, Transcendent Capital Group LLC purchased a new position in Tower Semiconductor in the 3rd quarter valued at about $27,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.