ASE Technology (NYSE:ASX) Shares Gap Down – Time to Sell?

Shares of ASE Technology Holding Co., Ltd. (NYSE:ASX) gapped down before the market opened on Thursday. The stock had previously closed at $37.82, but opened at $34.42. ASE Technology shares last traded at $35.2480, with a volume of 1,552,931 shares.

Analysts Set New Price Targets

Several research firms recently commented on ASX. Wall Street Zen raised shares of ASE Technology from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Weiss Ratings cut ASE Technology from a “buy (b)” rating to a “hold (c+)” rating in a research note on Monday. Finally, Zacks Research raised shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, ASE Technology presently has an average rating of “Buy”.

ASE Technology Price Performance

The firm has a market cap of $81.56 billion, a PE ratio of 34.07 and a beta of 1.79. The stock has a 50 day simple moving average of $41.21 and a two-hundred day simple moving average of $33.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.88 and a current ratio of 1.16.

ASE Technology (NYSE:ASX) last posted its earnings results on Thursday, October 29th. The semiconductor company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.03. The firm had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.30 billion. ASE Technology had a net margin of 9.77% and a return on equity of 18.97%. Sell-side analysts expect that ASE Technology Holding Co., Ltd. will post 1.31 earnings per share for the current year.

Institutional Trading of ASE Technology

A number of institutional investors have recently made changes to their positions in the company. Nilsine Partners LLC acquired a new position in ASE Technology during the second quarter worth about $1,278,000. Nykredit A S acquired a new stake in shares of ASE Technology in the 2nd quarter worth $14,247,000. Navellier & Associates Inc. purchased a new position in shares of ASE Technology during the 2nd quarter worth $3,975,000. Blue Jean Financial LLC purchased a new position in shares of ASE Technology during the 3rd quarter worth $4,168,000. Finally, Hsbc Holdings PLC raised its holdings in shares of ASE Technology by 7.5% during the 1st quarter. Hsbc Holdings PLC now owns 2,014,412 shares of the semiconductor company’s stock worth $43,654,000 after acquiring an additional 140,628 shares during the period. 6.80% of the stock is owned by institutional investors and hedge funds.

ASE Technology Company Profile

ASE Technology Holding Co. provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices. The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.