Chipmos Technologies (NASDAQ:IMOS) Shares Climb 8.7% Following Earnings Beat

Chipmos Technologies (NASDAQ:IMOS) shot up 8.7% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $53.69 and last traded at $52.47. 13,711 shares were traded during mid-day trading, a decline of 84% from the average session volume of 84,405 shares. The stock had previously closed at $48.25.

The semiconductor company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.38. Chipmos Technologies had a net margin of 8.30% and a return on equity of 9.19%. The firm had revenue of $263.49 million during the quarter, compared to analysts’ expectations of $249.03 million.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Chipmos Technologies from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 30th. One analyst has rated the stock with a Hold rating. According to MarketBeat, the company has an average rating of “Hold”.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in shares of Chipmos Technologies by 51.8% during the 3rd quarter. Allworth Financial LP now owns 2,389 shares of the semiconductor company’s stock worth $171,000 after buying an additional 815 shares during the period. Ritholtz Wealth Management lifted its holdings in Chipmos Technologies by 4.0% in the third quarter. Ritholtz Wealth Management now owns 9,309 shares of the semiconductor company’s stock valued at $668,000 after buying an additional 360 shares during the period. Abacus Wealth Partners LLC acquired a new position in Chipmos Technologies in the third quarter valued at approximately $206,000. Ascent Group LLC boosted its stake in Chipmos Technologies by 9.1% in the third quarter. Ascent Group LLC now owns 3,556 shares of the semiconductor company’s stock valued at $255,000 after acquiring an additional 296 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Chipmos Technologies in the third quarter valued at approximately $867,000. 7.39% of the stock is currently owned by institutional investors and hedge funds.

Chipmos Technologies Trading Up 8.5%

The business’s 50 day simple moving average is $62.03 and its 200-day simple moving average is $52.98. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.39 and a quick ratio of 1.94. The stock has a market capitalization of $1.84 billion, a P/E ratio of 25.61 and a beta of 1.34.

Chipmos Technologies Company Profile

ChipMOS Technologies Inc. is a Taiwan-based provider of outsourced semiconductor assembly and test services. Founded in 1997, the company serves semiconductor manufacturers and other customers that rely on external partners to prepare and test chips for use in electronic devices. Its services include wafer bumping, semiconductor assembly, and testing. ChipMOS works with products such as display driver integrated circuits, memory chips, and mixed-signal semiconductors, which are used in applications including displays and consumer electronics.