ASE Technology (NYSE:ASX) Shares Break Above 50 Day Moving Average – What’s Next?

ASE Technology Holding Co., Ltd. (NYSE:ASX) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $41.09 and traded as high as $42.17. ASE Technology shares last traded at $42.0870, with a volume of 9,532,470 shares traded.

Analysts Set New Price Targets

Several research firms recently weighed in on ASX. Zacks Research raised shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 22nd. Weiss Ratings upgraded shares of ASE Technology from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, October 9th. Finally, Wall Street Zen lowered shares of ASE Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 19th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy”.

ASE Technology Stock Performance

The firm’s 50-day simple moving average is $41.09 and its 200 day simple moving average is $32.84.

ASE Technology (NYSE:ASX) last issued its earnings results on Thursday, July 30th. The semiconductor company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. The business had revenue of $81.66 million during the quarter, compared to analyst estimates of $5.96 billion. Equities research analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.26 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Ancora Advisors LLC bought a new position in shares of ASE Technology in the second quarter worth about $33,000. Curry Webb Wealth Management LLC acquired a new stake in shares of ASE Technology in the 3rd quarter valued at approximately $40,000. IFP Advisors Inc boosted its stake in shares of ASE Technology by 107.7% in the 2nd quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company’s stock valued at $43,000 after purchasing an additional 491 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of ASE Technology in the 3rd quarter valued at approximately $44,000. Finally, Bessemer Group Inc. grew its holdings in shares of ASE Technology by 135.4% during the 1st quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 827 shares during the last quarter. Institutional investors own 6.80% of the company’s stock.

About ASE Technology

ASE Technology Holding Co, Ltd. is a Taiwan-based provider of semiconductor manufacturing services. Through its subsidiaries, the company offers outsourced semiconductor assembly and test services, helping chip designers and manufacturers package, assemble and evaluate integrated circuits after wafer fabrication.

Its services include wafer probing, wafer bumping, semiconductor packaging, final testing and advanced packaging technologies such as flip-chip, system-in-package and fan-out solutions.