Soitec (OTCMKTS:SLOIF) Shares Gap Up - Here's What Happened

Key Points

• Soitec's shares experienced a significant price increase, opening at $50.60 after closing at $43.16 the previous day.
• Citigroup downgraded Soitec's rating from "hold" to "strong sell", reflecting a cautious outlook among analysts, with an average rating of "sell."
• The company specializes in the design and manufacturing of semiconductor materials used in various electronic devices, including those in smartphones, computers, and automobiles.

Soitec SA (OTCMKTS:SLOIF - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $43.16, but opened at $50.60. Soitec shares last traded at $50.60, with a volume of 10 shares trading hands.

Analyst Ratings Changes

Separately, Citigroup downgraded Soitec from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of "Sell".

Soitec Stock Up 17.2%

The company has a fifty day moving average of $42.09 and a 200-day moving average of $49.75. The company has a current ratio of 2.03, a quick ratio of 1.72 and a debt-to-equity ratio of 0.24.

About Soitec

Soitec SA designs and manufactures semiconductor materials worldwide. Its products are used to manufacture chips that are used in smart phones, tablets, computers, IT servers, and data centers, as well as electronic components in cars, connected devices, and industrial and medical equipment. It provides CONNECT Radio Frequency Silicon-on-Insulator (RF-SOI) for smartphone front-end modules; CONNECT Piezoelectric-on-Insulator RF filters for smartphone; and CONNECT RF gallium nitride for 5g infrastructure base stations and smartphones, as well as CONNECT Fully Depleted Silicon-On-Insulator (FD-SOI).

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