ASE Technology (NYSE:ASX) Stock Crosses Below Two Hundred Day Moving Average - Time to Sell?

Key Points

• ASE Technology fell below its 200-day moving average, trading as low as $29.58 versus the average of $33.56, and last traded at about $29.67.
• Despite the technical decline, analyst sentiment was positive: recent upgrades helped give the stock a MarketBeat average rating of “Strong Buy.”
• The company beat quarterly expectations, reporting earnings of $0.37 per share versus $0.34 expected and revenue of $7.66 billion versus $7.30 billion forecast.

ASE Technology Holding Co., Ltd. (NYSE:ASX - Get Free Report) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $33.56 and traded as low as $29.58. ASE Technology shares last traded at $29.6730, with a volume of 27,687,950 shares trading hands.

Analyst Ratings Changes

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

ASE Technology Stock Performance

The stock has a market cap of $66.33 billion, a PE ratio of 27.73 and a beta of 1.79. The company has a fifty day moving average price of $41.44 and a 200 day moving average price of $33.56. The company has a quick ratio of 0.88, a current ratio of 1.16 and a debt-to-equity ratio of 0.70.

ASE Technology (NYSE:ASX - Get Free Report) last issued its 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 return on equity of 18.97% and a net margin of 9.77%. The company had revenue of $7.66 billion during the quarter, compared to analysts' expectations of $7.30 billion. Analysts expect that ASE Technology Holding Co., Ltd. will post 1.31 earnings per share for the current year.

Institutional Trading of ASE Technology

A number of institutional investors have recently made changes to their positions in ASX. Hsbc Holdings PLC increased its stake in shares of 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 buying an additional 140,628 shares during the period. Ninety One UK Ltd raised its holdings in shares of 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 acquiring an additional 589,119 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 acquiring an additional 125,324 shares during the period. Ninety One North America Inc. lifted its stake in ASE Technology by 9.7% in the third quarter. Ninety One North America Inc. now owns 498,331 shares of the semiconductor company's stock worth $22,156,000 after acquiring an additional 44,110 shares during the period. Finally, Ethic Inc. lifted its stake in ASE Technology by 3.9% in the third quarter. Ethic Inc. now owns 412,326 shares of the semiconductor company's stock worth $18,332,000 after acquiring an additional 15,545 shares during the period. Hedge funds and other institutional investors own 6.80% of the company's stock.

ASE Technology Company Profile

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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