Tower Semiconductor (NASDAQ:TSEM) Trading 9.9% Higher – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price shot up 9.9% during trading on Tuesday . The company traded as high as $247.18 and last traded at $249.68. Approximately 433,950 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 2,399,050 shares. The stock had previously closed at $227.21.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group restated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Benchmark reiterated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Susquehanna upped their price target on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Finally, Wedbush raised their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a research note on Thursday, May 14th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $276.75.

Tower Semiconductor Stock Up 10.9%

The company has a debt-to-equity ratio of 0.04, a current ratio of 5.63 and a quick ratio of 4.92. The stock’s fifty day simple moving average is $255.84 and its 200-day simple moving average is $190.84. The stock has a market cap of $28.34 billion, a P/E ratio of 117.22 and a beta of 0.87.

Institutional Trading of Tower Semiconductor

Several hedge funds have recently made changes to their positions in TSEM. Price T Rowe Associates Inc. MD increased its position in Tower Semiconductor by 3,222.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,682,152 shares of the semiconductor company’s stock valued at $549,779,000 after acquiring an additional 4,541,235 shares during the period. Capital International Investors acquired a new position in Tower Semiconductor during the 4th quarter worth $222,530,000. Goldman Sachs Group Inc. boosted its position in Tower Semiconductor by 214.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,206,467 shares of the semiconductor company’s stock worth $259,083,000 after acquiring an additional 1,505,421 shares during the period. Turiya Advisors Asia Ltd bought a new position in shares of Tower Semiconductor in the fourth quarter worth $172,848,000. Finally, Janus Henderson Group PLC grew its stake in shares of Tower Semiconductor by 293.8% in the fourth quarter. Janus Henderson Group PLC now owns 1,074,717 shares of the semiconductor company’s stock worth $126,193,000 after purchasing an additional 801,820 shares in the last quarter. Institutional investors own 70.51% of the company’s stock.

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.