Himax Technologies (NASDAQ:HIMX) Shares Gap Down - What's Next?

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 trading hands.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird upped their price target 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 Stock Up 4.2 %

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 company has a market cap of $1.77 billion, a P/E ratio of 23.00 and a beta of 1.94. The firm's 50 day moving average price is $7.89 and its 200-day moving average price is $6.60.

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

Himax Technologies declared that its board has initiated a stock buyback program on Wednesday, December 4th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in shares of Himax Technologies by 20.9% during the second quarter. Envestnet Asset Management Inc. now owns 222,533 shares of the semiconductor company's stock worth $1,767,000 after purchasing an additional 38,457 shares in the last quarter. Sei Investments Co. grew its stake in Himax Technologies by 115.6% in the second quarter. Sei Investments Co. now owns 64,926 shares of the semiconductor company's stock valued at $516,000 after acquiring an additional 34,812 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Himax Technologies in the second quarter worth about $79,000. Creative Planning raised its position in shares of Himax Technologies by 53.1% during the second quarter. Creative Planning now owns 51,719 shares of the semiconductor company's stock worth $411,000 after purchasing an additional 17,939 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Himax Technologies during the 2nd quarter valued at about $115,000. 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.