United Microelectronics (NYSE:UMC) Shares Gap Up - Here's What Happened

United Microelectronics Co. (NYSE:UMC - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.85, but opened at $8.08. United Microelectronics shares last traded at $8.06, with a volume of 639,159 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wedbush downgraded United Microelectronics from an "outperform" rating to a "neutral" rating in a research note on Wednesday, April 16th. Citigroup raised United Microelectronics from a "strong sell" rating to a "strong-buy" rating in a report on Friday, March 21st. Finally, The Goldman Sachs Group restated a "sell" rating on shares of United Microelectronics in a report on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $7.40.

United Microelectronics Stock Performance

The stock has a market cap of $19.71 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 4.44 and a beta of 1.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The firm has a fifty day moving average of $7.04 and a 200 day moving average of $6.67.

United Microelectronics (NYSE:UMC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The semiconductor company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $57.63 billion. United Microelectronics had a return on equity of 12.78% and a net margin of 20.35%. The firm's revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.13 earnings per share. As a group, sell-side analysts forecast that United Microelectronics Co. will post 0.51 EPS for the current year.

Hedge Funds Weigh In On United Microelectronics

Several institutional investors and hedge funds have recently bought and sold shares of UMC. Golden State Wealth Management LLC acquired a new stake in shares of United Microelectronics during the 1st quarter worth approximately $29,000. Farther Finance Advisors LLC increased its stake in United Microelectronics by 134.8% during the first quarter. Farther Finance Advisors LLC now owns 4,980 shares of the semiconductor company's stock worth $35,000 after acquiring an additional 2,859 shares during the last quarter. Savant Capital LLC purchased a new stake in United Microelectronics in the fourth quarter valued at $66,000. Verdence Capital Advisors LLC purchased a new stake in United Microelectronics in the fourth quarter valued at $69,000. Finally, Callan Family Office LLC acquired a new position in shares of United Microelectronics in the 4th quarter valued at $70,000. 5.05% of the stock is currently owned by institutional investors and hedge funds.

United Microelectronics Company Profile

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. The company provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. It serves fabless design companies and integrated device manufacturers.