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

Chipmos Technologies (NASDAQ:IMOS)’s share price gapped up prior to trading on Wednesday following a stronger than expected earnings report. 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.

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

Chipmos Technologies declared that its Board of Directors has approved a share buyback plan on Tuesday, September 2nd that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

IMOS has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Chipmos Technologies in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Chipmos Technologies from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock has a consensus rating of “Sell”.

Institutional Trading of Chipmos Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in IMOS. Acadian Asset Management LLC raised its stake in Chipmos Technologies by 14.5% during the 1st quarter. Acadian Asset Management LLC now owns 250,695 shares of the semiconductor company’s stock valued at $4,206,000 after purchasing an additional 31,768 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Chipmos Technologies by 66.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 69,191 shares of the semiconductor company’s stock worth $1,253,000 after purchasing an additional 27,617 shares during the period. Ballentine Partners LLC raised its position in shares of Chipmos Technologies by 110.7% during the second quarter. Ballentine Partners LLC now owns 31,793 shares of the semiconductor company’s stock valued at $576,000 after buying an additional 16,707 shares during the last quarter. ABC Arbitrage SA bought a new stake in shares of Chipmos Technologies in the third quarter valued at about $290,000. Finally, Creative Planning grew its position in Chipmos Technologies by 50.3% during the second quarter. Creative Planning now owns 45,283 shares of the semiconductor company’s stock worth $820,000 after buying an additional 15,150 shares in the last quarter. Institutional investors and hedge funds own 7.39% of the company’s stock.

Chipmos Technologies Stock Up 16.6%

The company has a debt-to-equity ratio of 0.39, a current ratio of 2.29 and a quick ratio of 1.97. The stock has a market capitalization of $923.81 million, a P/E ratio of 286.22 and a beta of 1.10. The firm has a 50 day moving average of $20.10 and a 200-day moving average of $18.67.

Chipmos Technologies Company Profile

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.