SUMCO (OTCMKTS:SUOPY) Shares Gap Up - Here's What Happened

Key Points

• SUMCO shares jumped 7%, opening at $31.0915 compared with the prior close of $29.14, with the stock last trading at $31.20 on volume of 2,472 shares.
• UBS Group upgraded SUMCO to a “Buy” rating; analyst coverage now consists of one Buy and one Hold, resulting in an overall “Moderate Buy” consensus.
• The company reported a quarterly loss of $0.16 per share on $712.93 million in revenue, alongside a negative net margin of 6.60%; analysts expect full-year EPS of -$0.62.

SUMCO (OTCMKTS:SUOPY - Get Free Report)'s stock price gapped up prior to trading on Tuesday. The stock had previously closed at $29.14, but opened at $31.0915. SUMCO shares last traded at $31.20, with a volume of 2,472 shares changing hands.

Analyst Upgrades and Downgrades

Separately, UBS Group raised shares of SUMCO to a "buy" rating in a research report on Tuesday, September 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy".

SUMCO Stock Up 7.0%

The business's 50-day moving average price is $40.24 and its 200-day moving average price is $35.79. The company has a quick ratio of 1.53, a current ratio of 3.37 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.45 billion, a PE ratio of -30.27 and a beta of 1.55.

SUMCO (OTCMKTS:SUOPY - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.16) earnings per share (EPS) for the quarter. SUMCO had a negative net margin of 6.60% and a negative return on equity of 4.24%. The firm had revenue of $712.93 million for the quarter. As a group, equities research analysts predict that SUMCO will post -0.62 EPS for the current fiscal year.

About SUMCO

SUMCO Corporation is a Japan-based manufacturer of silicon wafers used in the production of semiconductor devices. The company supplies polished, epitaxial, annealed and other types of silicon wafers, with products primarily based on 300-millimeter, 200-millimeter and 150-millimeter wafer technologies.

Its wafers are used by semiconductor manufacturers to produce integrated circuits, memory chips, microprocessors, power semiconductors and other electronic components. SUMCO serves customers throughout the global semiconductor industry and operates manufacturing and sales activities in Japan and other major semiconductor markets, including Asia, North America and Europe.

SUMCO was established in 1999 as Silicon United Manufacturing Corporation through a joint venture involving Sumitomo Metal Industries and Mitsubishi Materials Corporation.

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