Zacks Investment Research Lowers ASE Technology (NYSE:ASX) to Sell

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Zacks Investment Research lowered shares of ASE Technology (NYSE:ASX) from a hold rating to a sell rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “ASE Technology Holding Co Ltd. is a provider of semiconductor manufacturing services in assembly and testing. The Company develops and offers complete turnkey solutions covering front-end engineering testing, wafer probing and final testing as well as IC packaging, materials and electronic manufacturing services. It operates primarily in Taiwan, China, South Korea, Japan, Singapore, Malaysia, Mexico, United States and Europe. ASE Technology Holding Co Ltd, formerly known as ASE Industrial Holding Co., is based in Kaohsiung, Taiwan. “

A number of other research analysts also recently issued reports on the company. ValuEngine raised ASE Technology from a sell rating to a hold rating in a report on Friday, July 12th. HSBC raised ASE Technology from a hold rating to a buy rating in a report on Thursday. Cowen reissued a market perform rating and issued a $30.00 price target (down from $31.00) on shares of ASE Technology in a report on Tuesday, May 14th. Finally, Macquarie raised ASE Technology from an underperform rating to an outperform rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $17.38.

Shares of NYSE:ASX opened at $4.28 on Friday. ASE Technology has a 12-month low of $3.46 and a 12-month high of $5.07. The firm has a market capitalization of $9.25 billion, a P/E ratio of 10.97, a PEG ratio of 5.59 and a beta of 1.02. The firm has a 50 day moving average of $4.15. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.19 and a quick ratio of 0.94.

Several hedge funds have recently made changes to their positions in the company. Henry James International Management Inc. raised its stake in shares of ASE Technology by 2.2% during the 1st quarter. Henry James International Management Inc. now owns 134,346 shares of the semiconductor company’s stock worth $579,000 after buying an additional 2,851 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of ASE Technology by 180.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,298 shares of the semiconductor company’s stock worth $36,000 after buying an additional 5,337 shares during the period. Ballentine Partners LLC raised its stake in shares of ASE Technology by 57.0% during the 1st quarter. Ballentine Partners LLC now owns 17,572 shares of the semiconductor company’s stock worth $76,000 after buying an additional 6,381 shares during the period. Janney Montgomery Scott LLC raised its stake in shares of ASE Technology by 8.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 95,660 shares of the semiconductor company’s stock worth $412,000 after buying an additional 7,089 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of ASE Technology by 4,976.1% during the 1st quarter. Parallel Advisors LLC now owns 7,868 shares of the semiconductor company’s stock worth $34,000 after buying an additional 7,713 shares during the period. 5.47% of the stock is owned by institutional investors and hedge funds.

About ASE Technology

ASE Technology Holding Co, Ltd. provides a range of semiconductors packaging and testing, and electronic manufacturing services (EMS) in the United States, Taiwan, Asia, Europe, and internationally. The company offers packaging services, including flip-chip ball grid array (BGA), flip-chip chip scale package (fcCSP), advanced chip scale packages (aCSP), quad flat packages, thin quad flat packages, bump chip carrier and quad flat no-lead (QFN) packages, advanced QFN packages, plastic BGAs, high-band package on package, and 3D chip packages; stacked die solutions in various package types; and copper wire and silver bonding solutions, as well as module-based solutions.

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