Chipmos Technologies (NASDAQ:IMOS) Stock Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• Chipmos Technologies' stock price recently crossed above its 200-day moving average, reaching a high of $17.95 during trading, with the last recorded price at $17.77.
• Analysts have downgraded Chipmos Technologies from a "hold" to a "sell" rating as of July 26th, following disappointing quarterly earnings results.
• The company declared a share buyback program on September 2nd, indicating that the board believes its shares may be undervalued.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $17.62 and traded as high as $17.95. Chipmos Technologies shares last traded at $17.77, with a volume of 6,385 shares.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Chipmos Technologies from a "sell" rating to a "hold" rating in a report on Saturday.

Chipmos Technologies Stock Performance

The stock has a market cap of $669.15 million, a P/E ratio of 207.33 and a beta of 1.02. The firm has a 50 day moving average of $17.15 and a two-hundred day moving average of $17.58. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.97 and a current ratio of 2.29.

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

Chipmos Technologies declared that its board has approved a stock buyback plan on Tuesday, September 2nd that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Chipmos Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of IMOS. Bank of America Corp DE increased its holdings in shares of Chipmos Technologies by 71.8% during the 2nd quarter. Bank of America Corp DE now owns 11,852 shares of the semiconductor company's stock worth $215,000 after purchasing an additional 4,952 shares during the period. Rhumbline Advisers grew its position in 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 buying an additional 12,759 shares in the last quarter. Creative Planning increased its stake in Chipmos Technologies by 50.3% during the second quarter. Creative Planning now owns 45,283 shares of the semiconductor company's stock valued at $820,000 after acquiring an additional 15,150 shares during the period. Acadian Asset Management LLC raised its holdings in Chipmos Technologies by 5.9% in the 2nd quarter. Acadian Asset Management LLC now owns 265,392 shares of the semiconductor company's stock valued at $4,795,000 after acquiring an additional 14,697 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Chipmos Technologies by 2.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 57,091 shares of the semiconductor company's stock valued at $1,034,000 after acquiring an additional 1,205 shares in the last quarter. 7.39% of the stock is currently owned by institutional investors and hedge funds.

Chipmos Technologies Company Profile

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.