Tower Semiconductor (NASDAQ:TSEM) Shares Gap Up – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $233.54, but opened at $249.96. Tower Semiconductor shares last traded at $255.2460, with a volume of 428,162 shares.

Analysts Set New Price Targets

TSEM has been the topic of a number of analyst reports. Wedbush raised their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Barclays raised their price objective on shares of Tower Semiconductor from $114.00 to $142.00 and gave the company an “equal weight” rating in a report on Friday, February 13th. Benchmark raised their price objective 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, Susquehanna raised their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Stock Performance

The stock has a market capitalization of $29.57 billion, a P/E ratio of 122.29 and a beta of 0.87. The company’s 50-day moving average is $233.92 and its two-hundred day moving average is $165.78. The company has a current ratio of 5.63, a quick ratio of 4.92 and a debt-to-equity ratio of 0.04.

Tower Semiconductor (NASDAQ:TSEM) last released its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.56 by $0.09. The firm had revenue of $413.63 million for the quarter, compared to analysts’ expectations of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. Tower Semiconductor’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the company earned $0.35 EPS. As a group, sell-side analysts anticipate that Tower Semiconductor Ltd. will post 2.84 EPS for the current fiscal year.

Institutional Trading of Tower Semiconductor

Institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new stake in shares of Tower Semiconductor during the fourth quarter worth approximately $27,000. Hanson & Doremus Investment Management bought a new position in shares of Tower Semiconductor in the first quarter valued at approximately $53,000. CIBC Private Wealth Group LLC increased its position in Tower Semiconductor by 254.2% during the third quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock worth $30,000 after acquiring an additional 300 shares during the period. Kestra Advisory Services LLC bought a new position in Tower Semiconductor during the fourth quarter worth $52,000. Finally, SBI Securities Co. Ltd. increased its holdings in Tower Semiconductor by 344.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 520 shares of the semiconductor company’s stock valued at $61,000 after buying an additional 403 shares during the period. 70.51% of the stock is currently owned by institutional investors and hedge funds.

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.