ASE Technology (NYSE:ASX) Sets New 1-Year High - Here's What Happened

Key Points

• ASE Technology shares hit a new 52-week high, trading as high as $34.92 and last up about 1.3% on the day. The move comes as the stock continues to outperform its 50-day and 200-day moving averages.
• Analyst sentiment has turned more positive, with multiple upgrades recently and a current consensus rating of Buy. Zacks Research raised the stock to strong-buy, while Wall Street Zen upgraded it to buy.
• The company also delivered a solid quarterly report, posting earnings of $0.20 per share versus estimates of $0.17 and revenue of $5.43 billion above expectations. ASE Technology remains a major semiconductor assembly and testing provider based in Taiwan.

Shares of ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $34.92 and last traded at $34.4770, with a volume of 1502656 shares trading hands. The stock had previously closed at $34.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Zacks Research upgraded ASE Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ASE Technology in a report on Wednesday, January 21st. Finally, Wall Street Zen raised shares of ASE Technology from a "hold" rating to a "buy" rating in a report on Sunday, April 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, ASE Technology has a consensus rating of "Buy".

ASE Technology Trading Up 1.3%

The company's 50 day moving average price is $24.98 and its two-hundred day moving average price is $19.91. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.15 and a quick ratio of 0.89. The stock has a market capitalization of $77.13 billion, a PE ratio of 51.02, a P/E/G ratio of 0.68 and a beta of 1.68.

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

Hedge Funds Weigh In On ASE Technology

A number of institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC purchased a new stake in shares of ASE Technology in the 4th quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd raised its stake in shares of ASE Technology by 180,900.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 1,809 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of ASE Technology by 1,704.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,653 shares of the semiconductor company's stock valued at $30,000 after acquiring an additional 2,506 shares during the period. Bessemer Group Inc. raised its stake in shares of ASE Technology by 135.4% in the 1st 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 period. Finally, Eagle Bay Advisors LLC purchased a new stake in shares of ASE Technology in the 4th quarter valued at approximately $32,000. 6.80% of the stock is owned by hedge funds and other institutional investors.

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.

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