ASE Technology (NYSE:ASX) Shares Gap Down - Here's Why

Key Points

• ASE Technology shares fell sharply: They opened at $33.90 after closing at $37.51 and were last reported at $32.41. The article does not identify a specific catalyst for the drop.
• Latest quarterly results topped expectations: ASE reported EPS of $0.37 versus $0.34 expected and revenue of $7.66 billion versus $7.30 billion forecast.
• Analyst ratings remain bullish: Recent firms upgraded the stock, and MarketBeat reported an average rating of “Strong Buy.”

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report)'s share price gapped down prior to trading on Thursday. The stock had previously closed at $37.51, but opened at $33.90. ASE Technology shares last traded at $32.4110, with a volume of 2,615,746 shares changing hands.

Analysts Set New Price Targets

ASX has been the subject of several recent research reports. Weiss Ratings raised shares of ASE Technology from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, October 9th. Zacks Research raised shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 22nd. Finally, Wall Street Zen raised shares of ASE Technology from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Strong Buy".

ASE Technology Stock Performance

The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.88 and a current ratio of 1.16. The company has a market cap of $68.48 billion, a PE ratio of 28.56 and a beta of 1.79. The company's 50 day moving average price is $41.59 and its 200-day moving average price is $33.51.

ASE Technology (NYSE:ASX - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The semiconductor company reported $0.37 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 return on equity of 18.97% and a net margin of 9.77%. Equities research analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ASE Technology

A number of large investors have recently modified their holdings of the company. Hsbc Holdings PLC lifted its position in ASE Technology by 7.5% during the first quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company's stock valued at $43,654,000 after purchasing an additional 140,628 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of ASE Technology by 9.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,399,553 shares of the semiconductor company's stock valued at $30,342,000 after purchasing an additional 125,324 shares in the last quarter. Sei Investments Co. lifted its position in ASE Technology by 12.1% during the first quarter. Sei Investments Co. now owns 812,019 shares of the semiconductor company's stock valued at $17,604,000 after purchasing an additional 87,689 shares during the last quarter. Ninety One UK Ltd increased its holdings in shares of ASE Technology by 591.1% in the 3rd quarter. Ninety One UK Ltd now owns 688,777 shares of the semiconductor company's stock worth $30,623,000 after buying an additional 589,119 shares during the last quarter. Finally, Quantinno Capital Management LP increased its holdings in shares of ASE Technology by 37.8% in the 1st quarter. Quantinno Capital Management LP now owns 588,182 shares of the semiconductor company's stock worth $12,752,000 after buying an additional 161,471 shares during the last quarter. 6.80% of the stock is currently owned by institutional investors.

About ASE Technology

ASE Technology Holding Co, Ltd. is a Taiwan-based provider of semiconductor manufacturing services. Through its subsidiaries, the company offers outsourced semiconductor assembly and test services, helping chip designers and manufacturers package, assemble and evaluate integrated circuits after wafer fabrication.

Its services include wafer probing, wafer bumping, semiconductor packaging, final testing and advanced packaging technologies such as flip-chip, system-in-package and fan-out solutions.

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