Chipmos Technologies (NASDAQ:IMOS) Stock Jumps 8.7% Following Earnings Beat

Chipmos Technologies (NASDAQ:IMOS)’s share price traded up 8.7% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $53.69 and last traded at $52.47. Approximately 13,711 shares were traded during trading, a decline of 84% from the average daily volume of 84,405 shares. The stock had previously closed at $48.25.

The semiconductor company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.38. The firm had revenue of $263.49 million for the quarter, compared to analysts’ expectations of $249.03 million. Chipmos Technologies had a return on equity of 9.19% and a net margin of 8.30%.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Chipmos Technologies from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 30th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, Chipmos Technologies presently has a consensus rating of “Hold”.

Institutional Trading of Chipmos Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the business. NewEdge Advisors LLC lifted its position in Chipmos Technologies by 163.0% during the 1st quarter. NewEdge Advisors LLC now owns 797 shares of the semiconductor company’s stock worth $29,000 after buying an additional 494 shares in the last quarter. Allworth Financial LP grew its holdings in Chipmos Technologies by 51.8% during the 3rd quarter. Allworth Financial LP now owns 2,389 shares of the semiconductor company’s stock worth $171,000 after acquiring an additional 815 shares during the last quarter. Abacus Wealth Partners LLC acquired a new stake in Chipmos Technologies in the 3rd quarter valued at about $206,000. Squarepoint Ops LLC acquired a new stake in Chipmos Technologies in the 2nd quarter valued at about $235,000. Finally, Ascent Group LLC increased its position in Chipmos Technologies by 9.1% in the 3rd quarter. Ascent Group LLC now owns 3,556 shares of the semiconductor company’s stock valued at $255,000 after acquiring an additional 296 shares in the last quarter. 7.39% of the stock is currently owned by institutional investors and hedge funds.

Chipmos Technologies Stock Performance

The company has a market capitalization of $1.84 billion, a P/E ratio of 25.61 and a beta of 1.34. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.39 and a quick ratio of 1.94. The stock’s 50 day simple moving average is $62.03 and its two-hundred day simple moving average is $52.98.

About Chipmos Technologies

ChipMOS Technologies Inc. is a Taiwan-based provider of outsourced semiconductor assembly and test services. Founded in 1997, the company serves semiconductor manufacturers and other customers that rely on external partners to prepare and test chips for use in electronic devices. Its services include wafer bumping, semiconductor assembly, and testing. ChipMOS works with products such as display driver integrated circuits, memory chips, and mixed-signal semiconductors, which are used in applications including displays and consumer electronics.