TTM Technologies (NASDAQ:TTMI) Shares Gap Up on Insider Buying Activity

Key Points

• TTM Technologies shares jumped at the open, rising from a previous close of $62.22 to $69.00 before later trading at $65.28.
• Director Wajid Ali bought 10,000 shares for $631,500, increasing his direct stake by 27.91% to 45,835 shares.
• The company beat quarterly earnings and revenue estimates, reporting EPS of $1.46 and revenue of $1.20 billion, up 59.9% year over year. Analysts’ consensus rating was “Moderate Buy,” with a $173.25 average price target.

TTM Technologies, Inc. (NASDAQ:TTMI - Get Free Report) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $62.22, but opened at $69.00. TTM Technologies shares last traded at $65.2760, with a volume of 989,157 shares.

Specifically, Director Wajid Ali acquired 10,000 shares of the firm's stock in a transaction on Thursday, November 5th. The shares were acquired at an average cost of $63.15 per share, with a total value of $631,500.00. Following the completion of the acquisition, the director directly owned 45,835 shares in the company, valued at approximately $2,894,480.25. This trade represents a 27.91% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

A number of analysts have recently commented on TTMI shares. Wall Street Zen cut shares of TTM Technologies from a "strong-buy" rating to a "buy" rating in a research note on Sunday, November 1st. Truist Financial reduced their price target on shares of TTM Technologies from $231.00 to $170.00 and set a "buy" rating for the company in a research report on Friday, October 23rd. Weiss Ratings lowered shares of TTM Technologies from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, August 25th. Needham & Company LLC lowered their price objective on TTM Technologies from $175.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, October 23rd. Finally, Stifel Nicolaus cut their price objective on TTM Technologies from $205.00 to $165.00 and set a "buy" rating for the company in a research note on Friday, October 23rd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $173.25.

TTM Technologies Stock Performance

The company has a current ratio of 1.67, a quick ratio of 1.49 and a debt-to-equity ratio of 0.71. The stock's fifty day simple moving average is $110.13 and its 200 day simple moving average is $127.06. The company has a market cap of $6.83 billion, a price-to-earnings ratio of 25.75 and a beta of 2.25.

TTM Technologies (NASDAQ:TTMI - Get Free Report) last issued its earnings results on Thursday, October 22nd. The technology company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.21. The business had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.13 billion. TTM Technologies had a return on equity of 19.19% and a net margin of 7.01%. The business's revenue for the quarter was up 59.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 EPS. As a group, analysts anticipate that TTM Technologies, Inc. will post 4.36 earnings per share for the current year.

Hedge Funds Weigh In On TTM Technologies

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of TTM Technologies during the 2nd quarter worth about $2,053,347,000. Wellington Management Group LLP raised its stake in shares of TTM Technologies by 61.9% in the 2nd quarter. Wellington Management Group LLP now owns 2,268,404 shares of the technology company's stock valued at $424,237,000 after acquiring an additional 867,255 shares during the period. Atalan Capital Partners LP acquired a new position in shares of TTM Technologies in the 2nd quarter worth approximately $189,234,000. Bank of New York Mellon Corp acquired a new position in shares of TTM Technologies in the 2nd quarter worth approximately $114,470,000. Finally, Palestra Capital Management LLC acquired a new position in shares of TTM Technologies in the 2nd quarter worth approximately $105,214,000. Institutional investors and hedge funds own 95.79% of the company's stock.

About TTM Technologies

TTM Technologies, Inc is a manufacturer of technology solutions and printed circuit boards (PCBs), which are used to connect and support electronic components in a wide range of products. The company produces conventional rigid PCBs as well as high-density interconnect, flexible and rigid-flex circuit boards, and other advanced circuit technologies.

TTM also provides radio-frequency and microwave/microelectronic assembly capabilities, including components and assemblies used in communications, radar and other high-frequency applications.

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