ASE Technology (NYSE:ASX) Stock Sees Unusually High Call Option Buying

Key Points

• Call-option trading surged: Traders bought 59,925 ASE Technology call options, 657% above the average daily volume of 7,912.
• Shares rose 8.2% on Monday to $34.24. The company’s latest quarter beat expectations, reporting EPS of $0.37 versus estimates of $0.34 and revenue of $7.66 billion versus $7.30 billion expected.
• Recent analyst upgrades brought ASE Technology’s average rating to “Strong Buy,” while institutional investors own 6.8% of its shares.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) saw some unusual options trading on Monday. Stock traders bought 59,925 call options on the stock. This is an increase of 657% compared to the average daily volume of 7,912 call options.

Institutional Investors Weigh In On ASE Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Nilsine Partners LLC acquired a new stake in shares of ASE Technology during the second quarter worth $1,278,000. Nykredit A S bought a new stake in ASE Technology in the 2nd quarter valued at $14,247,000. Navellier & Associates Inc. acquired a new position in ASE Technology in the 2nd quarter worth $3,975,000. Blue Jean Financial LLC acquired a new position in ASE Technology in the 3rd quarter worth $4,168,000. Finally, Hsbc Holdings PLC boosted its stake in ASE Technology by 7.5% in the 1st quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company's stock worth $43,654,000 after purchasing an additional 140,628 shares during the period. Institutional investors own 6.80% of the company's stock.

ASE Technology Trading Up 8.2%

Shares of ASX traded up $2.61 on Monday, reaching $34.24. 4,561,414 shares of the company's stock were exchanged, compared to its average volume of 8,688,019. The business has a 50 day moving average price of $41.30 and a two-hundred day moving average price of $33.62. ASE Technology has a 12 month low of $13.35 and a 12 month high of $47.93. The stock has a market capitalization of $76.53 billion, a P/E ratio of 32.05 and a beta of 1.79. The company has a current ratio of 1.16, a quick ratio of 0.88 and a debt-to-equity ratio of 0.70.

ASE Technology (NYSE:ASX - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.03. The firm had revenue of $7.66 billion for the quarter, compared to analysts' expectations of $7.30 billion. ASE Technology had a net margin of 9.77% and a return on equity of 18.97%. Research analysts anticipate that ASE Technology will post 1.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ASX shares. Weiss Ratings raised ASE Technology from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Zacks Research upgraded ASE Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 22nd. Finally, Wall Street Zen upgraded ASE Technology from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy".

ASE Technology Company Profile

ASE Technology Holding Co provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices.

The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.

ASE Technology was formed in 2018 through the combination of Advanced Semiconductor Engineering and Siliconware Precision Industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.