ARK Investment Management LLC Has $2.22 Million Stock Holdings in Tower Semiconductor Ltd. (NASDAQ:TSEM)

ARK Investment Management LLC cut its position in Tower Semiconductor Ltd. (NASDAQ:TSEM - Free Report) by 27.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,181 shares of the semiconductor company's stock after selling 19,353 shares during the quarter. ARK Investment Management LLC's holdings in Tower Semiconductor were worth $2,221,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp grew its position in shares of Tower Semiconductor by 1.6% in the third quarter. Van ECK Associates Corp now owns 33,680 shares of the semiconductor company's stock valued at $1,484,000 after purchasing an additional 522 shares during the last quarter. Meitav Investment House Ltd. grew its holdings in Tower Semiconductor by 5.1% in the 3rd quarter. Meitav Investment House Ltd. now owns 2,555,530 shares of the semiconductor company's stock valued at $113,220,000 after buying an additional 123,713 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Tower Semiconductor in the 3rd quarter worth approximately $573,000. Assenagon Asset Management S.A. acquired a new position in shares of Tower Semiconductor during the third quarter worth approximately $11,094,000. Finally, Signaturefd LLC lifted its holdings in shares of Tower Semiconductor by 21.1% during the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company's stock worth $109,000 after buying an additional 431 shares during the last quarter. Institutional investors own 70.51% of the company's stock.

Tower Semiconductor Stock Performance

TSEM traded up $2.48 during trading on Friday, reaching $45.88. 995,345 shares of the company's stock were exchanged, compared to its average volume of 502,089. The company has a market capitalization of $5.08 billion, a P/E ratio of 10.36 and a beta of 0.90. The company has a quick ratio of 4.94, a current ratio of 5.90 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average price of $43.29 and a 200 day moving average price of $40.15. Tower Semiconductor Ltd. has a fifty-two week low of $22.30 and a fifty-two week high of $46.53.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TSEM shares. StockNews.com lowered shares of Tower Semiconductor from a "strong-buy" rating to a "buy" rating in a research report on Friday, July 19th. Benchmark restated a "buy" rating and set a $55.00 price objective on shares of Tower Semiconductor in a report on Monday, September 9th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $51.33.

About Tower Semiconductor

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.