Tower Semiconductor (NASDAQ:TSEM) Shares Down 9.1% - Here's What Happened

Key Points

• Tower Semiconductor shares fell 9.1% on Friday, trading as low as $236.88 and closing well below the prior day’s $260.42, on volume far below average.
• Recent analyst actions were mixed, with Benchmark and UBS reiterating buy ratings while Wedbush and Susquehanna raised price targets sharply; the stock now has an average Moderate Buy rating and a $276.75 target.
• Tower Semiconductor remains financially solid, with a low debt-to-equity ratio of 0.04 and strong liquidity ratios, while institutional investors continue to hold a large majority of the stock.

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) shares dropped 9.1% during mid-day trading on Friday . The company traded as low as $236.88 and last traded at $236.6520. 309,144 shares were traded during trading, a decline of 87% from the average daily volume of 2,373,938 shares. The stock had previously closed at $260.42.

Analysts Set New Price Targets

A number of research firms have recently commented on TSEM. Benchmark restated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Wedbush boosted their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Susquehanna upped their target price on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a research note on Thursday, May 14th. Finally, UBS Group reaffirmed a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $276.75.

Tower Semiconductor Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. The firm has a fifty day moving average of $255.61 and a two-hundred day moving average of $193.69. The stock has a market capitalization of $27.01 billion, a P/E ratio of 111.43 and a beta of 0.87.

Institutional Investors Weigh In On Tower Semiconductor

Several large investors have recently modified their holdings of TSEM. USA Financial Formulas bought a new position in shares of Tower Semiconductor during the fourth quarter valued at approximately $27,000. CIBC Private Wealth Group LLC lifted its holdings in Tower Semiconductor by 254.2% during the third quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company's stock worth $30,000 after buying an additional 300 shares during the period. Advisory Services Network LLC purchased a new stake in Tower Semiconductor during the third quarter worth $48,000. Kestra Advisory Services LLC bought a new stake in Tower Semiconductor during the 4th quarter valued at $52,000. Finally, Hanson & Doremus Investment Management purchased a new position in shares of Tower Semiconductor in the 1st quarter valued at $53,000. Institutional investors own 70.51% of the company's stock.

Tower Semiconductor Company Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company's technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.

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