ASE Technology (NYSE:ASX) Shares Gap Down – Here’s Why

Shares of ASE Technology Holding Co., Ltd. (NYSE:ASX) gapped down prior to trading on Monday . The stock had previously closed at $33.81, but opened at $32.25. ASE Technology shares last traded at $31.6950, with a volume of 1,535,320 shares traded.

Analysts Set New Price Targets

ASX has been the subject of a number of recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of ASE Technology in a research note on Wednesday, January 21st. Wall Street Zen upgraded shares of ASE Technology from a “hold” rating to a “buy” rating in a research note on Sunday, April 5th. Finally, Zacks Research raised shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, ASE Technology has a consensus rating of “Buy”.

ASE Technology Stock Performance

The company has a current ratio of 1.15, a quick ratio of 0.89 and a debt-to-equity ratio of 0.53. The stock has a fifty day moving average price of $26.69 and a 200-day moving average price of $21.08. The firm has a market capitalization of $68.56 billion, a price-to-earnings ratio of 45.35, a PEG ratio of 0.63 and a beta of 1.68.

ASE Technology (NYSE:ASX) last announced its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. ASE Technology had a return on equity of 13.48% and a net margin of 7.03%.The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.32 billion. As a group, analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ASE Technology

Large investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC bought a new position in ASE Technology during the 4th quarter valued at about $27,000. Caitong International Asset Management Co. Ltd grew its stake in ASE Technology by 180,900.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company’s stock worth $29,000 after buying an additional 1,809 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of ASE Technology by 1,704.8% during the third quarter. Smartleaf Asset Management LLC now owns 2,653 shares of the semiconductor company’s stock worth $30,000 after buying an additional 2,506 shares in the last quarter. Bessemer Group Inc. raised its stake in shares of ASE Technology by 135.4% in the first quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 827 shares during the last quarter. Finally, Eagle Bay Advisors LLC acquired a new position in shares of ASE Technology in the 4th quarter worth approximately $32,000. Institutional investors own 6.80% of the company’s stock.

ASE Technology Company Profile

ASE Technology Holding Co, Ltd. (NYSE: ASX), commonly referred to as ASE, is a Taiwan-based provider of semiconductor assembly and testing services. The company focuses on back-end semiconductor manufacturing and related services that prepare integrated circuits and other semiconductor devices for final use. Its core activities include advanced IC packaging, final testing, wafer probing, and related engineering and supply-chain support for semiconductor customers.

ASE offers a range of products and technical capabilities designed to meet increasingly complex packaging and system-in-package requirements.