ASE Technology (NYSE:ASX) Shares Gap Down - Time to Sell?

Key Points

• ASE Technology shares fell sharply, opening at $34.42 versus the prior close of $37.82 and trading around $35.25, down about 3.5%.
• The company beat quarterly expectations, reporting EPS of $0.37 versus $0.34 expected and revenue of $7.66 billion versus $7.30 billion forecast.
• Analyst opinions were mixed, but MarketBeat reported a consensus rating of Buy; recent actions included upgrades to Buy and Strong Buy and a downgrade to Hold.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) shares gapped down before the market opened on Thursday. The stock had previously closed at $37.82, but opened at $34.42. ASE Technology shares last traded at $35.2480, with a volume of 1,552,931 shares changing hands.

Analyst Ratings Changes

A number of research firms have commented on ASX. Wall Street Zen raised shares of ASE Technology from a "hold" rating to a "buy" rating in a research note on Saturday, October 31st. Zacks Research upgraded shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 22nd. Finally, Weiss Ratings downgraded shares of ASE Technology from a "buy (b)" rating to a "hold (c+)" rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, ASE Technology presently has a consensus rating of "Buy".

ASE Technology Trading Down 3.5%

The stock has a market capitalization of $81.56 billion, a P/E ratio of 34.07 and a beta of 1.79. The firm's 50 day moving average price is $41.21 and its 200 day moving average price is $33.87. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.16 and a quick ratio of 0.88.

ASE Technology (NYSE:ASX - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The semiconductor company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.03. ASE Technology had a net margin of 9.77% and a return on equity of 18.97%. The business had revenue of $7.66 billion for the quarter, compared to analysts' expectations of $7.30 billion. As a group, equities research analysts expect 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 hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC grew its position in shares of ASE Technology by 7.5% during the 1st quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company's stock valued at $43,654,000 after acquiring an additional 140,628 shares during the period. Dimensional Fund Advisors LP increased 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 worth $30,342,000 after purchasing an additional 125,324 shares during the last quarter. Sei Investments Co. raised its holdings in shares of ASE Technology by 12.1% during the 1st quarter. Sei Investments Co. now owns 812,019 shares of the semiconductor company's stock worth $17,604,000 after acquiring an additional 87,689 shares in the last quarter. Ninety One UK Ltd raised its stake in ASE Technology by 591.1% during the third quarter. Ninety One UK Ltd now owns 688,777 shares of the semiconductor company's stock valued at $30,623,000 after purchasing an additional 589,119 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of ASE Technology by 37.8% during the 1st quarter. Quantinno Capital Management LP now owns 588,182 shares of the semiconductor company's stock valued at $12,752,000 after buying an additional 161,471 shares in the last quarter. Hedge funds and other institutional investors own 6.80% of the company's stock.

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.

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.