Tower Semiconductor (NASDAQ:TSEM) Shares Gap Up - Time to Buy?

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $29.65, but opened at $30.63. Tower Semiconductor shares last traded at $30.52, with a volume of 232,749 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wedbush reissued an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research report on Tuesday, February 11th. Benchmark reissued a "buy" rating and issued a $60.00 price target on shares of Tower Semiconductor in a report on Monday, April 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Tower Semiconductor Trading Up 0.7 %

The company has a current ratio of 6.18, a quick ratio of 5.23 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 18.24 and a beta of 0.84. The company has a fifty day moving average price of $40.13 and a 200-day moving average price of $45.20.

Institutional Investors Weigh In On Tower Semiconductor

A number of institutional investors have recently modified their holdings of TSEM. Invesco Ltd. lifted its holdings in Tower Semiconductor by 251.9% during the fourth quarter. Invesco Ltd. now owns 1,761,235 shares of the semiconductor company's stock valued at $90,721,000 after purchasing an additional 1,260,683 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Tower Semiconductor by 21.0% during 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 buying 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 fourth quarter valued at approximately $33,034,000. Shellback Capital LP purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at approximately $21,261,000. Finally, American Century Companies Inc. acquired a new stake in shares of Tower Semiconductor in the fourth quarter worth approximately $20,015,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Company Profile

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.