Zacks Investment Research Upgrades ASE Technology (NYSE:ASX) to Buy

Last updated on Monday, June 21, 2021 | 2021 MarketBeat

ASE Technology (NYSE:ASX) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research note issued on Monday, Zacks.com reports. The firm currently has a $9.25 price objective on the semiconductor company's stock. Zacks Investment Research's price objective points to a potential upside of 12.12% from the company's previous close.

According to Zacks, "ASE Technology Holding Co Ltd. is a provider of semiconductor manufacturing services in assembly and testing. The Company develops and offers complete turnkey solutions covering front-end engineering testing, wafer probing and final testing as well as IC packaging, materials and electronic manufacturing services. It operates primarily in Taiwan, China, South Korea, Japan, Singapore, Malaysia, Mexico, United States and Europe. ASE Technology Holding Co Ltd, formerly known as ASE Industrial Holding Co., is based in Kaohsiung, Taiwan. "

ASE Technology stock traded up $0.03 during trading hours on Monday, hitting $8.25. The company had a trading volume of 3,057,004 shares, compared to its average volume of 2,884,097. The firm has a market capitalization of $17.90 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.82 and a beta of 1.04. The company has a quick ratio of 1.04, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The company's fifty day moving average is $8.02. ASE Technology has a fifty-two week low of $3.88 and a fifty-two week high of $9.00.

ASE Technology (NYSE:ASX) last released its quarterly earnings data on Wednesday, April 28th. The semiconductor company reported $0.14 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $0.12 by $0.02. The firm had revenue of $4.25 billion for the quarter. ASE Technology had a net margin of 6.47% and a return on equity of 14.16%. As a group, analysts expect that ASE Technology will post 0.67 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. We Are One Seven LLC increased its stake in shares of ASE Technology by 11.3% during the 1st quarter. We Are One Seven LLC now owns 14,430 shares of the semiconductor company's stock worth $111,000 after purchasing an additional 1,469 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of ASE Technology during the 1st quarter worth $97,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of ASE Technology during the 4th quarter worth $563,000. Capital Asset Advisory Services LLC acquired a new position in shares of ASE Technology during the 4th quarter worth $67,000. Finally, Federated Hermes Inc. acquired a new position in shares of ASE Technology during the 4th quarter worth $220,000. Institutional investors own 5.17% of the company's stock.

About ASE Technology

ASE Technology Holding Co, Ltd. provides a range of semiconductors packaging and testing, and electronic manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally. The company offers packaging services, including flip chip ball grid array (BGA), flip chip chip scale package (CSP), advanced chip scale packages, quad flat packages, low profile and thin quad flat packages, bump chip carrier and quad flat no-lead (QFN) packages, advanced QFN packages, plastic BGAs, and 3D chip packages; stacked die solutions in various package types; and copper and silver wire bonding solutions.

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