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.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on UMC shares. Citigroup raised United Microelectronics from a "strong sell" rating to a "strong-buy" rating in a research report on Friday, March 21st. Wedbush cut United Microelectronics from an "outperform" rating to a "neutral" rating in a research report on Wednesday, April 16th. Five analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $7.40.

United Microelectronics Price Performance

The company has a fifty day moving average price of $6.96 and a two-hundred day moving average price of $6.66. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $20.26 billion, a PE ratio of 13.92, a P/E/G ratio of 4.44 and a beta of 1.13.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in United Microelectronics in the first quarter valued at $29,000. Farther Finance Advisors LLC raised its position in United Microelectronics by 134.8% in the first quarter. Farther Finance Advisors LLC now owns 4,980 shares of the semiconductor company's stock valued at $35,000 after purchasing an additional 2,859 shares during the period. Savant Capital LLC purchased a new position in United Microelectronics in the fourth quarter valued at about $66,000. Verdence Capital Advisors LLC purchased a new position in United Microelectronics in the fourth quarter valued at about $69,000. Finally, Callan Family Office LLC purchased a new position in United Microelectronics in the fourth quarter valued at about $70,000. Institutional investors and hedge funds own 5.05% of the company's stock.

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.

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