Tower Semiconductor Ltd. (NASDAQ:TSEM) Sees Significant Decline in Short Interest

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 2,040,000 shares, a decrease of 16.4% from the March 15th total of 2,440,000 shares. Based on an average daily volume of 794,400 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.9% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. R Squared Ltd purchased a new position in Tower Semiconductor during the fourth quarter worth $61,000. Blue Trust Inc. raised its stake in Tower Semiconductor by 12.7% in the 4th quarter. Blue Trust Inc. now owns 2,037 shares of the semiconductor company's stock valued at $105,000 after purchasing an additional 230 shares during the last quarter. Crews Bank & Trust purchased a new position in Tower Semiconductor in the 4th quarter valued at about $134,000. Caption Management LLC purchased a new position in Tower Semiconductor in the 4th quarter valued at about $155,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in shares of Tower Semiconductor during the 4th quarter worth about $203,000. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. Benchmark reiterated a "buy" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Monday, April 7th. Wedbush reiterated an "outperform" rating and set a $60.00 price target on shares of Tower Semiconductor in a research report on Tuesday, February 11th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.00.

Tower Semiconductor Price Performance

TSEM traded down $0.39 during midday trading on Friday, reaching $36.42. 15,741 shares of the company's stock were exchanged, compared to its average volume of 560,786. Tower Semiconductor has a 1-year low of $28.64 and a 1-year high of $55.31. The stock has a market capitalization of $4.04 billion, a PE ratio of 19.61 and a beta of 0.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 6.18 and a quick ratio of 5.23. The business's 50-day moving average price is $37.88 and its 200 day moving average price is $44.66.

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.