United Microelectronics (NYSE:UMC) Shares Gap Down – Time to Sell?

United Microelectronics Co. (NYSE:UMC)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $7.15, but opened at $6.92. United Microelectronics shares last traded at $6.98, with a volume of 2,359,857 shares.

Analyst Upgrades and Downgrades

Separately, Citigroup upgraded United Microelectronics from a “strong sell” rating to a “strong-buy” rating in a report on Friday, March 21st. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.40.

United Microelectronics Trading Down 2.0 %

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The business has a 50-day simple moving average of $6.37 and a two-hundred day simple moving average of $6.92. The stock has a market cap of $17.55 billion, a price-to-earnings ratio of 12.08, a P/E/G ratio of 4.44 and a beta of 1.20.

United Microelectronics (NYSE:UMC) last announced its quarterly earnings results on Tuesday, January 21st. The semiconductor company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.03). The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. United Microelectronics had a net margin of 20.35% and a return on equity of 12.78%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $5.30 EPS. Equities analysts forecast that United Microelectronics Co. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On United Microelectronics

Institutional investors and hedge funds have recently modified their holdings of the business. Savant Capital LLC bought a new position in shares of United Microelectronics during the fourth quarter worth approximately $66,000. Verdence Capital Advisors LLC bought a new position in United Microelectronics during the 4th quarter worth $69,000. Callan Family Office LLC bought a new position in United Microelectronics during the 4th quarter worth $70,000. SBI Securities Co. Ltd. acquired a new position in United Microelectronics in the 4th quarter valued at $73,000. Finally, Natural Investments LLC bought a new stake in shares of United Microelectronics during the 4th quarter valued at $74,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Company Profile

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. The company provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. It serves fabless design companies and integrated device manufacturers.