Tower Semiconductor (NASDAQ:TSEM) Shares Down 11.6% – Should You Sell?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s stock price traded down 11.6% during trading on Thursday . The company traded as low as $220.02 and last traded at $217.0170. Approximately 1,262,697 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 2,439,430 shares. The stock had previously closed at $245.46.

Analyst Ratings Changes

Several research firms have issued reports on TSEM. Benchmark upped their price target on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Susquehanna lifted their price objective on Tower Semiconductor from $180.00 to $330.00 and gave the stock a “positive” rating in a report on Thursday, May 14th. Finally, Wedbush boosted their target price on Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Tower Semiconductor presently has a consensus rating of “Hold” and a consensus target price of $276.75.

Tower Semiconductor Price Performance

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 stock has a market cap of $24.63 billion, a P/E ratio of 101.88 and a beta of 0.87. The firm’s fifty day moving average price is $251.41 and its 200-day moving average price is $181.79.

Tower Semiconductor (NASDAQ:TSEM) last issued its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.56 by $0.09. The company had revenue of $413.63 million for the quarter, compared to the consensus estimate of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.35 earnings per share. Analysts forecast that Tower Semiconductor Ltd. will post 2.84 earnings per share for the current year.

Hedge Funds Weigh In On Tower Semiconductor

A number of hedge funds have recently modified their holdings of the company. USA Financial Formulas purchased a new stake in shares of Tower Semiconductor during the fourth quarter worth about $27,000. CIBC Private Wealth Group LLC increased its holdings in Tower Semiconductor by 254.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 418 shares of the semiconductor company’s stock valued at $30,000 after purchasing an additional 300 shares during the period. Advisory Services Network LLC purchased a new position in Tower Semiconductor during the 3rd quarter valued at about $48,000. Kestra Advisory Services LLC bought a new position in Tower Semiconductor during the 4th quarter valued at approximately $52,000. Finally, Hanson & Doremus Investment Management bought a new position in Tower Semiconductor during the 1st quarter valued at approximately $53,000. Hedge funds and other institutional investors own 70.51% of the company’s stock.

About Tower Semiconductor

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.