Tower Semiconductor (NASDAQ:TSEM) Stock Price Down 9.1% – Here’s What Happened

Tower Semiconductor Ltd. (NASDAQ:TSEM) shares were down 9.1% during mid-day trading on Friday . The stock traded as low as $236.88 and last traded at $236.6520. Approximately 309,144 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,373,938 shares. The stock had previously closed at $260.42.

Analysts Set New Price Targets

Several analysts have commented on TSEM shares. Wedbush increased their price target on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. Susquehanna lifted their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a research report on Thursday, May 14th. UBS Group reiterated a “buy” rating on shares of Tower Semiconductor in a research note on Wednesday, July 15th. Finally, Benchmark reissued a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Tower Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $276.75.

Tower Semiconductor Stock Performance

The business has a 50 day simple moving average of $255.61 and a 200 day simple moving average of $193.69. The company has a quick ratio of 4.92, a current ratio of 5.63 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $27.01 billion, a PE ratio of 111.43 and a beta of 0.87.

Hedge Funds Weigh In On Tower Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Y.D. More Investments Ltd raised its holdings in shares of Tower Semiconductor by 4.6% in the fourth quarter. Y.D. More Investments Ltd now owns 1,009,846 shares of the semiconductor company’s stock worth $118,084,000 after buying an additional 44,401 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its stake in shares of 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 buying an additional 25,000 shares during the period. Rockingstone Advisors LLC purchased a new stake in shares of Tower Semiconductor during the fourth quarter valued at $5,296,000. GF Fund Management CO. LTD. increased its position in shares of Tower Semiconductor by 26,835.5% in the 4th quarter. GF Fund Management CO. LTD. now owns 308,412 shares of the semiconductor company’s stock valued at $36,214,000 after acquiring an additional 307,267 shares during the period. Finally, WT Asset Management Ltd acquired a new position in shares of Tower Semiconductor in the 4th quarter valued at $78,967,000. 70.51% of the stock is owned by hedge funds and other institutional investors.

Tower Semiconductor Company Profile

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.