Amkor Technology (NASDAQ:AMKR) Stock Price Up 10.8% – Here’s Why

Amkor Technology, Inc. (NASDAQ:AMKR)’s share price shot up 10.8% on Wednesday. The stock traded as high as $37.63 and last traded at $38.2080. 1,323,030 shares changed hands during trading, a decline of 73% from the average session volume of 4,914,892 shares. The stock had previously closed at $34.47.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on AMKR shares. Weiss Ratings lowered Amkor Technology from a “hold (c+)” rating to a “sell (d+)” rating in a research report on Wednesday, October 28th. The Goldman Sachs Group set a $56.00 price objective on Amkor Technology in a research report on Tuesday, October 27th. Morgan Stanley lowered their price objective on Amkor Technology from $70.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 27th. B. Riley Financial dropped their target price on Amkor Technology from $41.00 to $38.00 and set a “neutral” rating for the company in a report on Monday. Finally, Bank of America initiated coverage on Amkor Technology in a research note on Thursday, August 27th. They issued a “buy” rating and a $70.00 target price for the company. Five research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $62.12.

Amkor Technology Stock Performance

The firm’s 50 day moving average price is $45.98 and its two-hundred day moving average price is $56.52. The firm has a market cap of $9.68 billion, a PE ratio of 15.75, a PEG ratio of 0.44 and a beta of 2.39. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.89 and a current ratio of 2.17.

Amkor Technology (NASDAQ:AMKR) last released its quarterly earnings results on Monday, October 26th. The semiconductor company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.02). Amkor Technology had a net margin of 8.30% and a return on equity of 13.32%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.04 billion. During the same period in the previous year, the firm posted $0.51 EPS. The firm’s quarterly revenue was up .2% compared to the same quarter last year. On average, research analysts forecast that Amkor Technology, Inc. will post 2.50 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Douglas Alexander sold 5,000 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $55.00, for a total transaction of $275,000.00. Following the completion of the sale, the director directly owned 29,109 shares of the company’s stock, valued at approximately $1,600,995. This trade represents a 14.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Mark Rogers sold 5,000 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $59.78, for a total transaction of $298,900.00. Following the completion of the transaction, the executive vice president directly owned 38,904 shares in the company, valued at $2,325,681.12. The trade was a 11.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 13,000 shares of company stock valued at $704,870. 26.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Amkor Technology

Several large investors have recently made changes to their positions in AMKR. Advisors Asset Management Inc. acquired a new stake in Amkor Technology in the 3rd quarter valued at approximately $461,000. Private Advisor Group LLC boosted its position in shares of Amkor Technology by 65.6% during the third quarter. Private Advisor Group LLC now owns 10,254 shares of the semiconductor company’s stock worth $537,000 after buying an additional 4,062 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Amkor Technology during the third quarter worth $5,825,000. Banco Santander S.A. grew its stake in shares of Amkor Technology by 20.5% in the third quarter. Banco Santander S.A. now owns 162,353 shares of the semiconductor company’s stock valued at $8,504,000 after buying an additional 27,575 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of Amkor Technology by 26.8% in the third quarter. Intech Investment Management LLC now owns 112,673 shares of the semiconductor company’s stock valued at $5,902,000 after buying an additional 23,826 shares in the last quarter. 42.76% of the stock is currently owned by institutional investors and hedge funds.

About Amkor Technology

Amkor Technology is a provider of outsourced semiconductor packaging and test services. It works with semiconductor companies to assemble and test integrated circuits before they are incorporated into electronic products. Its services include advanced packaging, wafer bumping, flip-chip packaging, wafer-level packaging, system-in-package solutions, and semiconductor testing. These technologies support applications in markets such as communications, automotive, computing, and consumer electronics.