Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down to $41.28

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $41.28, but opened at $39.26. Tower Semiconductor shares last traded at $38.83, with a volume of 172,090 shares.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TSEM. StockNews.com lowered Tower Semiconductor from a “strong-buy” rating to a “buy” rating in a report on Friday, July 19th. Susquehanna upgraded Tower Semiconductor from a “neutral” rating to a “positive” rating and boosted their price objective for the company from $36.00 to $55.00 in a research note on Friday, May 10th. Craig Hallum increased their target price on shares of Tower Semiconductor from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, Benchmark reissued a “buy” rating and issued a $40.00 price target on shares of Tower Semiconductor in a research report on Friday, May 10th. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Tower Semiconductor presently has an average rating of “Buy” and an average price target of $46.33.

Tower Semiconductor Price Performance

The stock has a market capitalization of $4.51 billion, a PE ratio of 8.80 and a beta of 0.90. The business’s 50-day moving average price is $38.92 and its 200 day moving average price is $34.37. The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.46 and a current ratio of 5.38.

Tower Semiconductor (NASDAQ:TSEM) last posted its quarterly earnings data on Thursday, May 9th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.08. The company had revenue of $327.24 million during the quarter, compared to analyst estimates of $325.00 million. Tower Semiconductor had a return on equity of 8.78% and a net margin of 35.27%. Research analysts forecast that Tower Semiconductor Ltd. will post 1.67 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. CVA Family Office LLC bought a new stake in Tower Semiconductor during the fourth quarter valued at approximately $47,000. Quadrant Capital Group LLC grew its position in Tower Semiconductor by 34.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,615 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 413 shares in the last quarter. Signaturefd LLC increased its stake in Tower Semiconductor by 189.8% in the fourth quarter. Signaturefd LLC now owns 2,017 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 1,321 shares during the last quarter. Principal Securities Inc. purchased a new stake in Tower Semiconductor during the fourth quarter valued at about $71,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Tower Semiconductor during the first quarter worth about $164,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Company Profile

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.