Tower Semiconductor (NASDAQ:TSEM) Trading Down 6.6% - Here's What Happened

Key Points

• Tower Semiconductor shares fell 6.6% on Friday, trading as low as $211.46 before last changing hands at $222.32, down from the prior close of $237.92.
• Trading volume was well below average, with about 924,955 shares changing hands, a 62% decline from the stock’s typical daily volume.
• Analyst sentiment remains constructive, with an average rating of “Moderate Buy” and an average price target of $276.75 after several firms recently raised targets or reiterated buy ratings.

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) dropped 6.6% during trading on Friday . The stock traded as low as $211.46 and last traded at $222.3190. Approximately 924,955 shares traded hands during trading, a decline of 62% from the average daily volume of 2,411,265 shares. The stock had previously closed at $237.92.

Wall Street Analysts Forecast Growth

TSEM has been the subject of several research reports. Benchmark reissued a "buy" rating on shares of Tower Semiconductor in a research report on Wednesday. Susquehanna raised their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a "positive" rating in a research note on Thursday, May 14th. UBS Group reiterated a "buy" rating on shares of Tower Semiconductor in a report on Wednesday. Finally, Wedbush upped their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $276.75.

Tower Semiconductor Price Performance

The firm has a market cap of $25.92 billion, a P/E ratio of 107.28 and a beta of 0.87. The company has a fifty day moving average of $255.41 and a 200-day moving average of $189.30. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Covestor Ltd increased its stake in Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock valued at $93,000 after buying an additional 77 shares during the last quarter. Silverleafe Capital Partners LLC boosted its stake in shares of Tower Semiconductor by 3.0% in the 2nd quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company's stock worth $745,000 after buying an additional 84 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Tower Semiconductor by 2.6% in the third quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock valued at $359,000 after acquiring an additional 127 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in shares of Tower Semiconductor by 2.6% in the fourth quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock valued at $601,000 after acquiring an additional 131 shares in the last quarter. Finally, Mariner LLC increased its position in shares of Tower Semiconductor by 2.4% during the third quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock valued at $637,000 after acquiring an additional 207 shares during the last quarter. 70.51% of the stock is owned by institutional investors.

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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