Tower Semiconductor (NASDAQ:TSEM) Trading Up 6.2% - Here's What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) shares traded up 6.2% during trading on Thursday . The stock traded as high as $46.39 and last traded at $46.39. 408,154 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 592,724 shares. The stock had previously closed at $43.67.

Wall Street Analysts Forecast Growth

Separately, Benchmark reiterated a "buy" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Thursday, May 15th. One investment 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 stock has an average rating of "Moderate Buy" and a consensus price target of $60.00.

Tower Semiconductor Stock Up 7.7%

The stock has a fifty day simple moving average of $40.02 and a two-hundred day simple moving average of $42.65. The firm has a market cap of $5.21 billion, a PE ratio of 25.99 and a beta of 0.79. The company has a current ratio of 6.93, a quick ratio of 5.82 and a debt-to-equity ratio of 0.05.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The semiconductor company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.01). The firm had revenue of $358.17 million during the quarter, compared to the consensus estimate of $358.09 million. Tower Semiconductor had a net margin of 13.86% and a return on equity of 7.73%. Tower Semiconductor's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.40 earnings per share. As a group, sell-side analysts expect that Tower Semiconductor Ltd. will post 1.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. TCTC Holdings LLC boosted its stake in Tower Semiconductor by 117.9% during the first quarter. TCTC Holdings LLC now owns 706 shares of the semiconductor company's stock valued at $25,000 after buying an additional 382 shares during the period. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Tower Semiconductor in the 1st quarter valued at about $39,000. Headlands Technologies LLC bought a new stake in shares of Tower Semiconductor during the 1st quarter valued at about $75,000. Caption Management LLC purchased a new position in shares of Tower Semiconductor during the fourth quarter worth about $155,000. Finally, Cornerstone Investment Partners LLC purchased a new position in shares of Tower Semiconductor during the fourth quarter worth about $203,000. Institutional investors own 70.51% of the company's stock.

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.

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