ARK Investment Management LLC Lowers Stock Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

ARK Investment Management LLC cut its holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 17.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,351 shares of the semiconductor company's stock after selling 8,830 shares during the period. ARK Investment Management LLC's holdings in Tower Semiconductor were worth $2,130,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Blue Trust Inc. lifted its position in shares of Tower Semiconductor by 319.3% during the 3rd quarter. Blue Trust Inc. now owns 1,807 shares of the semiconductor company's stock valued at $80,000 after acquiring an additional 1,376 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Tower Semiconductor during the third quarter valued at about $573,000. Meitav Investment House Ltd. boosted its position in shares of Tower Semiconductor by 5.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company's stock worth $113,220,000 after purchasing an additional 123,713 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Tower Semiconductor by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 33,680 shares of the semiconductor company's stock valued at $1,484,000 after buying an additional 522 shares during the period. Finally, Transcendent Capital Group LLC bought a new stake in Tower Semiconductor in the 3rd quarter valued at about $27,000. 70.51% of the stock is owned by institutional investors.

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Tower Semiconductor Stock Up 0.6 %

NASDAQ TSEM traded up $0.24 on Friday, reaching $42.50. The company had a trading volume of 636,491 shares, compared to its average volume of 833,472. The company has a quick ratio of 5.23, a current ratio of 6.18 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $4.71 billion, a P/E ratio of 22.85 and a beta of 0.88. The company's fifty day moving average is $49.44 and its 200 day moving average is $46.34. Tower Semiconductor Ltd. has a 52-week low of $30.48 and a 52-week high of $55.31.

Wall Street Analysts Forecast Growth

TSEM has been the topic of several recent research reports. StockNews.com lowered Tower Semiconductor from a "buy" rating to a "hold" rating in a report on Tuesday, November 12th. Susquehanna lifted their price target on shares of Tower Semiconductor from $55.00 to $60.00 and gave the company a "positive" rating in a research report on Thursday, November 14th. Craig Hallum boosted their price target on shares of Tower Semiconductor from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Wedbush reaffirmed an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday, February 11th. Finally, Benchmark reissued a "buy" rating and set a $60.00 target price on shares of Tower Semiconductor in a research report on Tuesday, February 11th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $60.00.

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.