ASE Technology (NYSE:ASX) Shares Gap Up – Here’s Why

Shares of ASE Technology Holding Co., Ltd. (NYSE:ASX) gapped up prior to trading on Friday . The stock had previously closed at $29.81, but opened at $31.48. ASE Technology shares last traded at $31.8210, with a volume of 1,245,015 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on ASX. Zacks Research raised ASE Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, April 6th. Wall Street Zen raised ASE Technology from a “hold” rating to a “buy” rating in a report on Sunday, April 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ASE Technology in a research note on Wednesday, January 21st. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold”.

ASE Technology Trading Up 7.2%

The company has a quick ratio of 1.00, a current ratio of 1.26 and a debt-to-equity ratio of 0.58. The company’s fifty day moving average price is $23.81 and its two-hundred day moving average price is $18.87. The firm has a market cap of $71.05 billion, a PE ratio of 55.09, a P/E/G ratio of 1.24 and a beta of 1.46.

ASE Technology (NYSE:ASX) last posted its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.01. ASE Technology had a net margin of 6.31% and a return on equity of 12.06%. The firm had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.47 billion. As a group, sell-side analysts forecast that ASE Technology Holding Co., Ltd. will post 0.77 earnings per share for the current fiscal year.

Institutional Trading of ASE Technology

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC acquired a new position in ASE Technology during the fourth quarter worth $27,000. Caitong International Asset Management Co. Ltd lifted its holdings in ASE Technology by 180,900.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,810 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 1,809 shares during the period. Eagle Bay Advisors LLC purchased a new stake in shares of ASE Technology during the 4th quarter worth $32,000. UMB Bank n.a. purchased a new stake in shares of ASE Technology during the 4th quarter worth $32,000. Finally, SBI Securities Co. Ltd. grew its stake in shares of ASE Technology by 256.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 2,495 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 1,795 shares during the period. 6.80% of the stock is owned by institutional investors and hedge funds.

About ASE Technology

ASE Technology Holding Co, Ltd. (NYSE: ASX), commonly referred to as ASE, is a Taiwan-based provider of semiconductor assembly and testing services. The company focuses on back-end semiconductor manufacturing and related services that prepare integrated circuits and other semiconductor devices for final use. Its core activities include advanced IC packaging, final testing, wafer probing, and related engineering and supply-chain support for semiconductor customers.

ASE offers a range of products and technical capabilities designed to meet increasingly complex packaging and system-in-package requirements.