Tower Semiconductor (NASDAQ:TSEM) Trading Up 8.2% - Here's What Happened

Key Points

• Tower Semiconductor shares jumped 8.2% on Thursday, trading as high as $233.94 after closing at $216.70 the prior day. Volume was 931,566 shares, well below the average session volume.
• Analysts sharply raised price targets following the move, including Susquehanna to $330, Benchmark to $335, and Wedbush to $300. The stock’s consensus rating remains Hold, with a consensus price target of $276.75.
• The company remains financially solid, with a debt-to-equity ratio of 0.04 and strong liquidity ratios, while institutional investors continue to hold a large stake. Hedge funds and other institutions own 70.51% of Tower Semiconductor shares.

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report)'s stock price rose 8.2% during trading on Thursday . The company traded as high as $233.94 and last traded at $234.4580. 931,566 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 2,418,531 shares. The stock had previously closed at $216.70.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Susquehanna upped their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the stock a "positive" rating in a report on Thursday, May 14th. Benchmark raised their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Finally, Wedbush upped their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $276.75.

Tower Semiconductor Stock 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 business has a 50-day simple moving average of $252.27 and a 200-day simple moving average of $184.38. The firm has a market capitalization of $26.42 billion, a PE ratio of 109.30 and a beta of 0.87.

Institutional Trading of Tower Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd boosted its stake in Tower Semiconductor by 10.8% during the fourth quarter. Covestor Ltd now owns 793 shares of the semiconductor company's stock worth $93,000 after buying an additional 77 shares during the period. Silverleafe Capital Partners LLC lifted its holdings 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 acquiring an additional 84 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Tower Semiconductor by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company's stock worth $359,000 after purchasing an additional 127 shares during the period. Evergreen Capital Management LLC boosted its stake in shares of Tower Semiconductor by 2.6% during the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company's stock worth $601,000 after purchasing an additional 131 shares during the period. Finally, Mariner LLC raised its position in Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company's stock worth $637,000 after purchasing an additional 207 shares during the period. Hedge funds and other 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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