Tower Semiconductor (NASDAQ:TSEM) Stock Price Down 7.9% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price fell 7.9% during mid-day trading on Friday . The company traded as low as $253.20 and last traded at $253.8260. 1,307,518 shares traded hands during trading, a decline of 49% from the average session volume of 2,559,963 shares. The stock had previously closed at $275.50.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TSEM. Susquehanna boosted 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. Barclays boosted their price objective on Tower Semiconductor from $114.00 to $142.00 and gave the stock an “equal weight” rating in a report on Friday, February 13th. Benchmark boosted their target price on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Wedbush boosted their target price on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Stock Performance

The firm has a market capitalization of $28.70 billion, a P/E ratio of 118.71 and a beta of 0.85. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average of $218.36 and a 200-day moving average of $155.02.

Tower Semiconductor (NASDAQ:TSEM) last released its quarterly earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.09. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm had revenue of $413.63 million during the quarter, compared to analyst estimates of $410.72 million. During the same quarter last year, the business earned $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts anticipate that Tower Semiconductor Ltd. will post 2.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. BankChampaign National Association bought a new position in shares of Tower Semiconductor in the 1st quarter worth about $318,000. E20 Capital Ltd bought a new position in shares of Tower Semiconductor in the 1st quarter worth about $107,708,000. Western Wealth Management LLC bought a new position in shares of Tower Semiconductor in the 1st quarter worth about $141,000. Janus Henderson Group PLC increased its stake in shares of Tower Semiconductor by 0.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,081,175 shares of the semiconductor company’s stock valued at $189,723,000 after acquiring an additional 6,458 shares in the last quarter. Finally, Altshuler Shaham Ltd increased its stake in shares of Tower Semiconductor by 1,175.6% in the 1st quarter. Altshuler Shaham Ltd now owns 340,108 shares of the semiconductor company’s stock valued at $58,025,000 after acquiring an additional 313,445 shares in the last quarter. 70.51% of the stock is owned by institutional investors.

About Tower Semiconductor

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.