Short Interest in Tower Semiconductor Ltd. (NASDAQ:TSEM) Decreases By 16.4%

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) saw a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 2,040,000 shares, a decrease of 16.4% from the March 15th total of 2,440,000 shares. Approximately 1.9% of the company's stock are sold short. Based on an average trading volume of 794,400 shares, the days-to-cover ratio is presently 2.6 days.

Analyst Ratings Changes

A number of equities analysts recently commented on TSEM shares. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday, February 11th. Benchmark reiterated a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research note on Monday, April 7th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $60.00.

Hedge Funds Weigh In On Tower Semiconductor

A number of hedge funds have recently made changes to their positions in the company. Invesco Ltd. grew its holdings in shares of Tower Semiconductor by 251.9% during the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock worth $90,721,000 after buying an additional 1,260,683 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Tower Semiconductor by 21.0% in the 4th quarter. Point72 Asset Management L.P. now owns 3,758,574 shares of the semiconductor company's stock worth $193,604,000 after purchasing an additional 653,191 shares in the last quarter. Neumeier Poma Investment Counsel LLC acquired a new position in shares of Tower Semiconductor during the 4th quarter worth approximately $33,034,000. Assenagon Asset Management S.A. grew its position in shares of Tower Semiconductor by 219.3% in the first quarter. Assenagon Asset Management S.A. now owns 641,105 shares of the semiconductor company's stock valued at $22,362,000 after purchasing an additional 440,314 shares in the last quarter. Finally, Shellback Capital LP acquired a new stake in shares of Tower Semiconductor in the fourth quarter valued at approximately $21,261,000. Institutional investors and hedge funds own 70.51% of the company's stock.

Tower Semiconductor Price Performance

NASDAQ TSEM traded up $0.65 on Friday, hitting $37.45. The company had a trading volume of 312,191 shares, compared to its average volume of 564,642. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The company's fifty day moving average price is $37.67 and its 200-day moving average price is $44.61. The company has a market capitalization of $4.15 billion, a PE ratio of 20.13 and a beta of 0.84. Tower Semiconductor has a 12-month low of $28.64 and a 12-month high of $55.31.

About Tower Semiconductor

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.