Tower Semiconductor (NASDAQ:TSEM) Shares Gap Up – Still a Buy?

Tower Semiconductor Ltd. (NASDAQ:TSEM)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $43.10, but opened at $46.78. Tower Semiconductor shares last traded at $49.43, with a volume of 299,295 shares traded.

Analysts Set New Price Targets

Several equities analysts recently commented on TSEM shares. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of Tower Semiconductor in a report on Monday, September 9th. StockNews.com downgraded shares of Tower Semiconductor from a “buy” rating to a “hold” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Tower Semiconductor currently has a consensus rating of “Moderate Buy” and an average target price of $51.33.

Tower Semiconductor Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 4.94 and a current ratio of 5.90. The firm has a market cap of $5.43 billion, a price-to-earnings ratio of 11.14 and a beta of 0.90. The company’s fifty day moving average is $43.38 and its two-hundred day moving average is $40.44.

Institutional Investors Weigh In On Tower Semiconductor

Several hedge funds and other institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC bought a new stake in shares of Tower Semiconductor during the 1st quarter valued at about $34,911,000. Y.D. More Investments Ltd raised its holdings in shares of Tower Semiconductor by 9,622.0% in the 2nd quarter. Y.D. More Investments Ltd now owns 911,926 shares of the semiconductor company’s stock worth $35,952,000 after purchasing an additional 902,546 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Tower Semiconductor by 169.0% during the second quarter. Point72 Asset Management L.P. now owns 1,022,121 shares of the semiconductor company’s stock valued at $40,180,000 after acquiring an additional 642,121 shares during the period. Meitav Investment House Ltd. raised its holdings in shares of Tower Semiconductor by 25.6% during the second quarter. Meitav Investment House Ltd. now owns 2,431,817 shares of the semiconductor company’s stock valued at $95,686,000 after acquiring an additional 495,380 shares during the period. Finally, Boston Partners raised its holdings in shares of Tower Semiconductor by 453.9% during the first quarter. Boston Partners now owns 328,843 shares of the semiconductor company’s stock valued at $10,995,000 after acquiring an additional 269,476 shares during the period. Institutional investors own 70.51% of the company’s stock.

Tower Semiconductor Company Profile

Tower Semiconductor Ltd., an independent semiconductor foundry, focus on specialty process technologies to manufacture analog intensive mixed-signal semiconductor devices in Israel, the United States, Japan, Europe, and internationally. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS.