ASE Technology (NYSE:ASX) Shares Gap Up - Still a Buy?

Key Points

• ASE Technology shares jumped at the open, rising from a prior close of $34.36 to $35.87; they were last trading at $35.63.
• The semiconductor company beat quarterly expectations, reporting EPS of $0.37 versus the $0.34 consensus and revenue of $7.66 billion versus estimates of $7.30 billion.
• Recent analyst upgrades lifted MarketBeat’s consensus rating to “Strong Buy”, with one Strong Buy and one Buy rating reported.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report)'s stock price gapped up before the market opened on Tuesday. The stock had previously closed at $34.36, but opened at $35.87. ASE Technology shares last traded at $35.6280, with a volume of 4,544,264 shares trading hands.

Wall Street Analysts Forecast Growth

ASX has been the subject of several recent analyst reports. Zacks Research upgraded shares of ASE Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, September 22nd. Wall Street Zen upgraded shares of ASE Technology from a "hold" rating to a "buy" rating in a report on Saturday, October 31st. Finally, 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. One 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, the company presently has an average rating of "Strong Buy".

ASE Technology Stock Up 1.8%

The company has a market capitalization of $78.22 billion, a PE ratio of 32.55 and a beta of 1.79. The stock's fifty day moving average is $41.23 and its two-hundred day moving average is $33.70. 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 EPS for the quarter, topping 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 analyst estimates of $7.30 billion. As a group, analysts predict that ASE Technology Holding Co., Ltd. will post 1.31 EPS for the current year.

Institutional Trading of ASE Technology

Several hedge funds have recently made changes to their positions in ASX. Ancora Advisors LLC bought a new position in shares of ASE Technology during the 2nd quarter worth $33,000. Curry Webb Wealth Management LLC purchased a new stake in ASE Technology during the third quarter valued at about $40,000. IFP Advisors Inc lifted its holdings in ASE Technology by 107.7% during the second quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company's stock valued at $43,000 after purchasing an additional 491 shares during the last quarter. Root Financial Partners LLC bought a new position in ASE Technology during the third quarter worth about $44,000. Finally, Bessemer Group Inc. boosted its position in ASE Technology by 135.4% during the first quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 827 shares during the period. 6.80% of the stock is currently owned by institutional investors.

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.

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