Tower Semiconductor (NASDAQ:TSEM) Trading Down 9.1% – What’s Next?

Tower Semiconductor Ltd. (NASDAQ:TSEM) fell 9.1% during trading on Friday . The company traded as low as $236.88 and last traded at $236.6520. 309,144 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,373,938 shares. The stock had previously closed at $260.42.

Wall Street Analyst Weigh In

TSEM has been the subject of a number of recent analyst reports. Susquehanna lifted their price target on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a research report on Thursday, May 14th. Benchmark restated a “buy” rating on shares of Tower Semiconductor in a report on Wednesday, July 15th. Wedbush upped their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, May 14th. Finally, UBS Group reaffirmed a “buy” rating on shares of Tower Semiconductor in a research report on Wednesday, July 15th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.75.

Tower Semiconductor Trading Down 10.4%

The company’s fifty day moving average is $254.80 and its two-hundred day moving average is $193.97. 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 $26.24 billion, a price-to-earnings ratio of 108.54 and a beta of 0.87.

Institutional Investors Weigh In On Tower Semiconductor

Institutional investors have recently modified their holdings of the company. Covestor Ltd boosted its holdings in Tower Semiconductor by 10.8% in the 4th quarter. Covestor Ltd now owns 793 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 77 shares in the last quarter. Silverleafe Capital Partners LLC raised its stake in shares of Tower Semiconductor by 3.0% during the 2nd quarter. Silverleafe Capital Partners LLC now owns 2,860 shares of the semiconductor company’s stock worth $745,000 after buying an additional 84 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Tower Semiconductor by 2.6% during the 3rd quarter. Mackenzie Financial Corp now owns 5,053 shares of the semiconductor company’s stock worth $359,000 after buying an additional 127 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Tower Semiconductor by 2.6% in the 4th quarter. Evergreen Capital Management LLC now owns 5,118 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 131 shares during the period. Finally, Mariner LLC lifted its holdings in shares of Tower Semiconductor by 2.4% in the 3rd quarter. Mariner LLC now owns 8,815 shares of the semiconductor company’s stock valued at $637,000 after buying an additional 207 shares during the period. 70.51% of the stock is owned by hedge funds and other institutional investors.

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.