Tower Semiconductor (NASDAQ:TSEM) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $223.74 and traded as high as $228.12. Tower Semiconductor shares last traded at $217.28, with a volume of 1,768,122 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. National Bank Financial upgraded shares of Tower Semiconductor to a “buy” rating in a research note on Friday, August 7th. Barclays assumed coverage on shares of Tower Semiconductor in a research note on Friday, September 18th. They set an “overweight” rating and a $310.00 target price for the company. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Benchmark reaffirmed a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, August 5th. Finally, Stifel Nicolaus began coverage on Tower Semiconductor in a report on Tuesday, September 1st. They set a “buy” rating and a $270.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $316.00.

Tower Semiconductor Trading Up 6.1%

The firm has a market cap of $25.92 billion, a P/E ratio of 91.10 and a beta of 0.88. The company has a 50 day moving average of $225.16 and a 200 day moving average of $223.79. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.31 and a current ratio of 4.91.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.12. The firm had revenue of $460.08 million for the quarter, compared to the consensus estimate of $454.68 million. Tower Semiconductor had a return on equity of 9.83% and a net margin of 16.94%.The firm’s revenue was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 earnings per share. Analysts predict that Tower Semiconductor Ltd. will post 3.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Yoav Chelouche sold 232 shares of the firm’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $215.06, for a total transaction of $49,893.92. Following the transaction, the director owned 33,734 shares in the company, valued at approximately $7,254,834.04. This trade represents a 0.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Russell Ellwanger sold 104,226 shares of Tower Semiconductor stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $248.34, for a total transaction of $25,883,484.84. Following the completion of the sale, the chief executive officer directly owned 526,788 shares of the company’s stock, valued at approximately $130,822,531.92. The trade was a 16.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 181,767 shares of company stock worth $45,610,065 in the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Trading of Tower Semiconductor

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hanson & Doremus Investment Management acquired a new position in shares of Tower Semiconductor during the 1st quarter valued at about $53,000. Caitong International Asset Management Co. Ltd bought a new stake in Tower Semiconductor during the fourth quarter worth approximately $76,000. TD Waterhouse Canada Inc. grew its holdings in Tower Semiconductor by 230.7% during the second quarter. TD Waterhouse Canada Inc. now owns 334 shares of the semiconductor company’s stock valued at $82,000 after purchasing an additional 233 shares during the last quarter. Pinpoint Asset Management Singapore Pte. Ltd. grew its holdings in Tower Semiconductor by 53,200.0% during the fourth quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 1,066 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 1,064 shares during the last quarter. Finally, Western Wealth Management LLC bought a new stake in shares of Tower Semiconductor during the 1st quarter worth $141,000. Institutional investors and hedge funds own 70.51% of the company’s stock.

About Tower Semiconductor

Tower Semiconductor Ltd. (NASDAQ:TSEM) is a specialty semiconductor foundry that manufactures integrated circuits for fabless chip companies, integrated device manufacturers and original equipment manufacturers. The company focuses on analog and mixed-signal technologies rather than high-volume digital logic, providing process development, wafer manufacturing, design enablement and other foundry services.

Its technology portfolio includes radio-frequency and high-performance analog circuits, power management, CMOS image sensors, medical and industrial sensors, silicon photonics, microelectromechanical systems (MEMS), and automotive and industrial semiconductor solutions.