Tower Semiconductor (NASDAQ:TSEM) Trading Down 6.6% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) fell 6.6% during mid-day trading on Friday . The company traded as low as $211.46 and last traded at $222.3190. Approximately 924,955 shares changed hands during trading, a decline of 62% from the average session volume of 2,411,265 shares. The stock had previously closed at $237.92.

Analysts Set New Price Targets

Several analysts have commented on the company. Wedbush upped their price objective on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Susquehanna lifted their target price on Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research note on Thursday, May 14th. Benchmark reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday. Finally, UBS Group reissued a “buy” rating on shares of Tower Semiconductor in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $276.75.

Tower Semiconductor Trading Down 1.6%

The firm has a market cap of $26.32 billion, a PE ratio of 108.88 and a beta of 0.87. The company’s fifty day moving average price is $255.87 and its two-hundred day moving average price is $189.61. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04.

Hedge Funds Weigh In On Tower Semiconductor

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 buying an additional 4,541,235 shares during the period. Vanguard Group Inc. grew its holdings in Tower Semiconductor by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 4,338,080 shares of the semiconductor company’s stock worth $507,317,000 after acquiring an additional 53,112 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Tower Semiconductor by 0.8% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,002,806 shares of the semiconductor company’s stock worth $352,589,000 after acquiring an additional 25,000 shares during the period. Goldman Sachs Group Inc. raised its position in Tower Semiconductor by 214.7% in the fourth 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 in the last quarter. Finally, Wellington Management Group LLP raised its position in Tower Semiconductor by 0.7% in the third quarter. Wellington Management Group LLP now owns 2,108,004 shares of the semiconductor company’s stock worth $152,409,000 after acquiring an additional 15,461 shares in the last quarter. Institutional investors and hedge funds 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.