Chipmos Technologies (NASDAQ:IMOS) Stock Rating Upgraded by Wall Street Zen

Key Points

• Chipmos Technologies was upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more optimistic outlook on the company's stock performance.
• The company reported a significant earnings miss with a loss of ($0.51) per share, falling short of the consensus estimate of $0.29 by ($0.80).
• Chipmos Technologies announced a share buyback program aimed at purchasing outstanding shares, signaling the board's belief that the company's stock is undervalued.

Wall Street Zen upgraded shares of Chipmos Technologies (NASDAQ:IMOS - Free Report) from a sell rating to a hold rating in a research note issued to investors on Saturday.

Chipmos Technologies Trading Up 4.1%

IMOS stock traded up $0.76 during trading on Friday, hitting $19.36. The company had a trading volume of 32,615 shares, compared to its average volume of 15,947. The business has a 50-day moving average of $17.16 and a 200-day moving average of $17.60. Chipmos Technologies has a one year low of $12.78 and a one year high of $23.85. The stock has a market cap of $694.25 million, a PE ratio of 215.11 and a beta of 1.02. The company has a current ratio of 2.29, a quick ratio of 1.97 and a debt-to-equity ratio of 0.39.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last announced its earnings results on Tuesday, August 12th. The semiconductor company reported ($0.51) EPS for the quarter, missing the consensus estimate of $0.29 by ($0.80). Chipmos Technologies had a net margin of 0.50% and a return on equity of 0.47%. The company had revenue of $188.55 million during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the company earned $0.38 earnings per share. The business's revenue was down 1.3% on a year-over-year basis.

Chipmos Technologies declared that its Board of Directors has initiated a stock buyback plan on Tuesday, September 2nd that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Chipmos Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC lifted its stake in Chipmos Technologies by 5.9% in the second quarter. Acadian Asset Management LLC now owns 265,392 shares of the semiconductor company's stock valued at $4,795,000 after buying an additional 14,697 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of Chipmos Technologies by 66.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 69,191 shares of the semiconductor company's stock worth $1,253,000 after purchasing an additional 27,617 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Chipmos Technologies by 2.2% during the second quarter. Envestnet Asset Management Inc. now owns 57,091 shares of the semiconductor company's stock worth $1,034,000 after purchasing an additional 1,205 shares during the period. Creative Planning raised its position in shares of Chipmos Technologies by 50.3% during the second quarter. Creative Planning now owns 45,283 shares of the semiconductor company's stock worth $820,000 after purchasing an additional 15,150 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Chipmos Technologies by 51.4% during the second quarter. Rhumbline Advisers now owns 37,595 shares of the semiconductor company's stock worth $681,000 after purchasing an additional 12,759 shares during the period. 7.39% of the stock is owned by institutional investors and hedge funds.

About Chipmos Technologies

ChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in the People's Republic of China, Taiwan, Japan, Singapore, and internationally. It operates through Testing; Assembly; Testing and Assembly for LCD, OLED and Other Display Panel Driver Semiconductors; Bumping; and Others segments.