Chipmos Technologies (NASDAQ:IMOS) Shares Gap Up - Here's Why

Key Points

• Chipmos shares opened sharply higher, rising from a prior close of $52.54 to $56.90 before settling at $55.37 in early trading.
• Analyst sentiment remains cautious, with the stock carrying an average “Hold” rating; Weiss Ratings reaffirmed its hold view while Wall Street Zen downgraded the stock from strong buy to buy.
• The company reported quarterly revenue of $217.06 million, up 25.4% year over year and above estimates, but earnings per share of $0.45 missed expectations. Chipmos also increased its annual dividend to $0.7826, although its payout ratio stands above 100%.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $52.54, but opened at $56.90. Chipmos Technologies shares last traded at $55.37, with a volume of 18,978 shares changing hands.

Wall Street Analysts Forecast Growth

IMOS has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Chipmos Technologies in a research report on Wednesday, July 8th. Wall Street Zen lowered shares of Chipmos Technologies from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of "Hold".

Chipmos Technologies Stock Performance

The firm has a 50 day moving average price of $61.27 and a 200-day moving average price of $49.20. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 74.36 and a beta of 1.34. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.40 and a quick ratio of 2.08.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The semiconductor company reported $0.45 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.05). The firm had revenue of $217.06 million during the quarter, compared to analysts' expectations of $214.39 million. Chipmos Technologies had a net margin of 3.05% and a return on equity of 3.28%. The business's quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the business earned $0.15 earnings per share.

Chipmos Technologies Increases Dividend

The firm also recently disclosed an annual dividend, which was paid on Friday, July 24th. Shareholders of record on Monday, June 29th were given a $0.7826 dividend. The ex-dividend date was Monday, June 29th. This is a positive change from Chipmos Technologies's previous annual dividend of $0.61. This represents a yield of 134.0%. Chipmos Technologies's dividend payout ratio (DPR) is currently 102.70%.

Hedge Funds Weigh In On Chipmos Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP boosted its holdings in Chipmos Technologies by 74.7% during the third quarter. Allworth Financial LP now owns 1,373 shares of the semiconductor company's stock worth $26,000 after buying an additional 587 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Chipmos Technologies by 163.0% in the first quarter. NewEdge Advisors LLC now owns 797 shares of the semiconductor company's stock valued at $29,000 after buying an additional 494 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Chipmos Technologies by 16,828.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,185 shares of the semiconductor company's stock valued at $35,000 after acquiring an additional 1,178 shares during the period. Smartleaf Asset Management LLC acquired a new stake in shares of Chipmos Technologies during the 4th quarter valued at approximately $54,000. Finally, Parallel Advisors LLC boosted its stake in shares of Chipmos Technologies by 44.4% during the 3rd quarter. Parallel Advisors LLC now owns 6,142 shares of the semiconductor company's stock worth $117,000 after acquiring an additional 1,890 shares in the last quarter. 7.39% of the stock is owned by institutional investors and hedge funds.

Chipmos Technologies Company Profile

ChipMOS Technologies Inc is a Taiwan‐based provider of outsourced semiconductor assembly, testing and packaging services. The company offers a comprehensive range of back‐end solutions including wafer probing, assembly, surface mount and final test services for memory chips, microcontrollers, system‐on‐chips and other integrated circuits. ChipMOS serves customers in the consumer electronics, communications, industrial and automotive markets by delivering reliable testing and packaging support to semiconductor fabless companies and foundries.

Founded in 1997 and headquartered in Hsinchu, Taiwan, ChipMOS operates multiple production facilities across Asia, including sites in Taoyuan (Taiwan), Guangdong Province (China) and Singapore.

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