Diodes Incorporated (NASDAQ:DIOD - Get Free Report)'s share price rose 10.4% on Friday following a stronger than expected earnings report. The stock traded as high as $52.05 and last traded at $52.09. Approximately 270,822 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 510,314 shares. The stock had previously closed at $47.17.
The semiconductor company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.08. The company had revenue of $366.20 million for the quarter, compared to analyst estimates of $352.08 million. Diodes had a return on equity of 3.04% and a net margin of 1.90%. The business's revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 EPS.
Diodes announced that its board has initiated a share buyback plan on Thursday, May 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the semiconductor company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the stock. Benchmark restated a "buy" rating and set a $62.00 price target (up previously from $55.00) on shares of Diodes in a research note on Friday, June 13th. Wall Street Zen upgraded shares of Diodes from a "hold" rating to a "buy" rating in a report on Sunday, August 3rd. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Diodes has a consensus rating of "Buy" and an average target price of $55.00.
Read Our Latest Analysis on DIOD
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hood River Capital Management LLC bought a new stake in Diodes during the fourth quarter valued at about $72,037,000. Global Alpha Capital Management Ltd. lifted its position in shares of Diodes by 56.9% during the 2nd quarter. Global Alpha Capital Management Ltd. now owns 846,070 shares of the semiconductor company's stock worth $44,749,000 after purchasing an additional 306,900 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Diodes during the 1st quarter valued at approximately $8,679,000. Dimensional Fund Advisors LP grew its holdings in Diodes by 8.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,238,567 shares of the semiconductor company's stock valued at $138,053,000 after buying an additional 168,545 shares during the last quarter. Finally, Nuveen LLC bought a new position in Diodes in the 1st quarter worth approximately $5,593,000. 99.23% of the stock is currently owned by institutional investors and hedge funds.
Diodes Trading Up 10.7%
The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.11 and a current ratio of 3.43. The company has a market capitalization of $2.42 billion, a P/E ratio of 94.99 and a beta of 1.47. The company has a 50-day simple moving average of $51.98 and a 200 day simple moving average of $48.53.
About Diodes
(
Get Free Report)
Diodes Incorporated, together with its subsidiaries, manufactures and supplies application-specific standard products in the broad discrete, logic, analog, and mixed-signal semiconductor markets worldwide. The company offers discrete semiconductor products, such as MOSFETs, SiC MOSFETs; data line protection, power line protection, thyristers, USB Type-C protection, and transient voltage suppressors; Schottky, small signal switching, Zener, and SiC diodes; bridges, super barrier, Schottky, Schottky bridge, and fast/ultra-fast rectifiers; and bipolar, avalanche, gate driver, and pre-bias transistors.
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