Himax Technologies (NASDAQ:HIMX) Shares Gap Down - Here's What Happened

Shares of Himax Technologies, Inc. (NASDAQ:HIMX - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $12.85, but opened at $10.40. Himax Technologies shares last traded at $9.23, with a volume of 7,122,316 shares traded.

Wall Street Analyst Weigh In

Separately, Robert W. Baird boosted their price objective on Himax Technologies from $7.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, December 13th.

Himax Technologies Trading Down 27.8 %

The company has a current ratio of 1.64, a quick ratio of 1.37 and a debt-to-equity ratio of 0.03. The firm's 50-day moving average price is $7.45 and its 200 day moving average price is $6.54. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 21.09 and a beta of 1.94.

Himax Technologies (NASDAQ:HIMX - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The semiconductor company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. The firm had revenue of $222.40 million during the quarter, compared to the consensus estimate of $205.93 million. Himax Technologies had a net margin of 8.77% and a return on equity of 9.06%. The business's revenue was down 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.06 earnings per share.

Himax Technologies declared that its board has authorized a stock buyback program on Wednesday, December 4th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Himax Technologies

Large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. lifted its position in shares of Himax Technologies by 49.6% during the third quarter. Point72 Asset Management L.P. now owns 868,500 shares of the semiconductor company's stock valued at $4,777,000 after purchasing an additional 288,000 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Himax Technologies during the 4th quarter worth approximately $164,000. Public Employees Retirement System of Ohio purchased a new position in shares of Himax Technologies in the 3rd quarter worth approximately $1,125,000. GAMMA Investing LLC grew its holdings in shares of Himax Technologies by 90.5% in the fourth quarter. GAMMA Investing LLC now owns 10,290 shares of the semiconductor company's stock valued at $83,000 after acquiring an additional 4,888 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Himax Technologies by 4.8% during the third quarter. Stifel Financial Corp now owns 470,526 shares of the semiconductor company's stock valued at $2,588,000 after acquiring an additional 21,607 shares during the last quarter. Institutional investors own 69.81% of the company's stock.

About Himax Technologies

Himax Technologies, Inc, a fabless semiconductor company, provides display imaging processing technologies in China, Taiwan, the Philippines, Korea, Japan, Europe, and the United States. The company operates in two segments, Driver IC and Non-Driver Products. It offers display driver integrated circuits (ICs) and timing controllers that are used in televisions, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, and other products.