Tower Semiconductor (NASDAQ:TSEM) Shares Gap Down - Here's Why

Tower Semiconductor Ltd. (NASDAQ:TSEM - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $48.64, but opened at $46.01. Tower Semiconductor shares last traded at $47.88, with a volume of 290,179 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wedbush restated an "outperform" rating and issued a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday. StockNews.com lowered Tower Semiconductor from a "buy" rating to a "hold" rating in a research report on Tuesday, November 12th. Craig Hallum increased their price objective on Tower Semiconductor from $54.00 to $60.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Susquehanna raised their target price on Tower Semiconductor from $55.00 to $60.00 and gave the company a "positive" rating in a research note on Thursday, November 14th. Finally, Benchmark reiterated a "buy" rating and set a $60.00 price objective on shares of Tower Semiconductor in a research note on Tuesday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Tower Semiconductor currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

Tower Semiconductor Stock Down 2.5 %

The company has a quick ratio of 4.89, a current ratio of 5.82 and a debt-to-equity ratio of 0.05. The company has a market cap of $5.07 billion, a P/E ratio of 24.75 and a beta of 0.88. The company has a fifty day moving average of $50.74 and a 200 day moving average of $45.75.

Tower Semiconductor (NASDAQ:TSEM - Get Free Report) last released its quarterly earnings results on Wednesday, November 13th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.12. Tower Semiconductor had a return on equity of 8.22% and a net margin of 14.75%. The business had revenue of $370.50 million during the quarter, compared to analyst estimates of $370.30 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. Tower Semiconductor's revenue for the quarter was up 3.4% on a year-over-year basis. On average, research analysts anticipate that Tower Semiconductor Ltd. will post 1.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tower Semiconductor

Several large investors have recently made changes to their positions in TSEM. Transcendent Capital Group LLC purchased a new position in shares of Tower Semiconductor in the third quarter valued at about $27,000. R Squared Ltd purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at about $61,000. Blue Trust Inc. lifted its position in shares of Tower Semiconductor by 319.3% in the third 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 in the last quarter. Signaturefd LLC lifted its position in shares of Tower Semiconductor by 21.1% in the third quarter. Signaturefd LLC now owns 2,472 shares of the semiconductor company's stock valued at $109,000 after acquiring an additional 431 shares in the last quarter. Finally, Crews Bank & Trust purchased a new position in shares of Tower Semiconductor in the fourth quarter valued at about $134,000. 70.51% of the stock is currently owned by hedge funds and other institutional investors.

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.