Chipmos Technologies (NASDAQ:IMOS) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Chipmos Technologies' stock price rose above its 200-day moving average, reaching a high of $19.67 before closing at $19.54.
• Wall Street Zen upgraded Chipmos Technologies from a "sell" to a "hold" rating, signaling a positive outlook for the stock.
• Chipmos reported a significant earnings miss, with earnings per share of ($0.51) compared to the consensus estimate of $0.29, alongside a year-over-year revenue decline of 1.3%.

Shares of Chipmos Technologies (NASDAQ:IMOS - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $17.60 and traded as high as $19.67. Chipmos Technologies shares last traded at $19.54, with a volume of 8,819 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Chipmos Technologies from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th.

Chipmos Technologies Stock Up 0.8%

The business's fifty day simple moving average is $17.22 and its 200 day simple moving average is $17.60. The company has a current ratio of 2.29, a quick ratio of 1.97 and a debt-to-equity ratio of 0.39. The stock has a market cap of $700.53 million, a price-to-earnings ratio of 217.06 and a beta of 1.03.

Chipmos Technologies (NASDAQ:IMOS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The semiconductor company reported ($0.51) earnings per share (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 firm had revenue of $188.55 million during the quarter, compared to analyst estimates of $5.82 billion. During the same period last year, the firm earned $0.38 EPS. Chipmos Technologies's quarterly revenue was down 1.3% on a year-over-year basis.

Chipmos Technologies announced that its Board of Directors has approved a stock repurchase program on Tuesday, September 2nd that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Chipmos Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE raised its holdings in Chipmos Technologies by 8.6% in the 4th quarter. Bank of America Corp DE now owns 8,613 shares of the semiconductor company's stock valued at $162,000 after acquiring an additional 679 shares during the period. 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 during the period. Wealthquest Corp bought a new position in Chipmos Technologies in the 1st quarter valued at about $52,000. Signaturefd LLC raised its holdings in Chipmos Technologies by 27.0% in the 2nd quarter. Signaturefd LLC now owns 22,180 shares of the semiconductor company's stock valued at $402,000 after acquiring an additional 4,716 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Chipmos Technologies by 51.4% during the 2nd quarter. Rhumbline Advisers now owns 37,595 shares of the semiconductor company's stock worth $681,000 after purchasing an additional 12,759 shares in the last quarter. 7.39% of the stock is owned by institutional investors.

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.

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