Chipmos Technologies (NASDAQ:IMOS) Shares Gap Up Following Earnings Beat

Shares of Chipmos Technologies (NASDAQ:IMOS) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $22.10, but opened at $24.51. Chipmos Technologies shares last traded at $25.35, with a volume of 54,766 shares trading hands.

The semiconductor company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.20. The business had revenue of $201.70 million for the quarter. Chipmos Technologies had a net margin of 0.50% and a return on equity of 0.47%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.26 EPS.

Chipmos Technologies announced that its Board of Directors has authorized a share buyback program on Tuesday, September 2nd that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have weighed in on IMOS. Weiss Ratings reissued a “sell (d)” rating on shares of Chipmos Technologies in a research report on Wednesday, October 8th. Wall Street Zen upgraded Chipmos Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Institutional Trading of Chipmos Technologies

Several institutional investors have recently made changes to their positions in the business. ABC Arbitrage SA acquired a new position in Chipmos Technologies in the third quarter worth about $290,000. Westside Investment Management Inc. raised its holdings in shares of Chipmos Technologies by 125.5% in the 3rd quarter. Westside Investment Management Inc. now owns 2,163 shares of the semiconductor company’s stock worth $42,000 after buying an additional 1,204 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Chipmos Technologies by 2.8% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 71,140 shares of the semiconductor company’s stock worth $1,361,000 after buying an additional 1,949 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Chipmos Technologies by 131.7% during the 3rd quarter. GAMMA Investing LLC now owns 2,866 shares of the semiconductor company’s stock worth $55,000 after buying an additional 1,629 shares during the period. Finally, Bank of America Corp DE boosted its stake in Chipmos Technologies by 71.8% in the 2nd quarter. Bank of America Corp DE now owns 11,852 shares of the semiconductor company’s stock valued at $215,000 after buying an additional 4,952 shares in the last quarter. 7.39% of the stock is currently owned by institutional investors and hedge funds.

Chipmos Technologies Stock Up 15.6%

The company has a quick ratio of 1.97, a current ratio of 2.29 and a debt-to-equity ratio of 0.39. The business has a 50-day simple moving average of $19.92 and a two-hundred day simple moving average of $18.62. The stock has a market capitalization of $916.27 million, a P/E ratio of 283.89 and a beta of 1.10.

About Chipmos Technologies

ChipMOS TECHNOLOGIES INC. engages in the research, development, manufacture, and sale of high-integration and high-precision integrated circuits, and related assembly and testing services in the People’s Republic of China, Taiwan, Japan, Singapore, and internationally. It operates through Testing; Assembly; Testing and Assembly for LCD, OLED and Other Display Panel Driver Semiconductors; Bumping; and Others segments.