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United Microelectronics (NYSE:UMC) Shares Gap Up - Time to Buy?

United Microelectronics logo with Computer and Technology background

Shares of United Microelectronics Co. (NYSE:UMC - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $6.34, but opened at $6.48. United Microelectronics shares last traded at $6.53, with a volume of 1,376,362 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on UMC. Morgan Stanley downgraded shares of United Microelectronics from an "overweight" rating to an "equal weight" rating in a research report on Monday, October 28th. The Goldman Sachs Group cut United Microelectronics from a "buy" rating to a "neutral" rating and set a $7.40 target price for the company. in a research report on Thursday, October 17th. JPMorgan Chase & Co. lowered shares of United Microelectronics from an "overweight" rating to a "neutral" rating in a research report on Wednesday, October 30th. Finally, StockNews.com lowered United Microelectronics from a "buy" rating to a "hold" rating in a report on Sunday, November 17th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $7.40.

Get Our Latest Research Report on UMC

United Microelectronics Stock Up 2.6 %

The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The business's fifty day moving average price is $7.11 and its two-hundred day moving average price is $7.97. The firm has a market cap of $16.30 billion, a P/E ratio of 10.01, a P/E/G ratio of 3.09 and a beta of 1.17.

Institutional Trading of United Microelectronics

Large investors have recently modified their holdings of the company. DGS Capital Management LLC lifted its position in United Microelectronics by 2.7% during the 3rd quarter. DGS Capital Management LLC now owns 104,271 shares of the semiconductor company's stock worth $878,000 after acquiring an additional 2,712 shares during the last quarter. Synovus Financial Corp bought a new position in shares of United Microelectronics in the third quarter worth about $89,000. Tidal Investments LLC lifted its position in shares of United Microelectronics by 110.6% during the 3rd quarter. Tidal Investments LLC now owns 115,287 shares of the semiconductor company's stock worth $971,000 after purchasing an additional 60,533 shares during the last quarter. Chiron Investment Management LLC bought a new stake in United Microelectronics during the 3rd quarter valued at approximately $755,000. Finally, Barclays PLC boosted its stake in United Microelectronics by 8.1% during the 3rd quarter. Barclays PLC now owns 3,205,930 shares of the semiconductor company's stock valued at $26,995,000 after purchasing an additional 240,380 shares during the period. 5.05% of the stock is owned by institutional investors.

United Microelectronics Company Profile

(Get Free Report)

United Microelectronics Corporation operates as a semiconductor wafer foundry in Taiwan, China, Hong Kong, Japan, Korea, the United States, Europe, and internationally. The company provides circuit design, mask tooling, wafer fabrication, and assembly and testing services. It serves fabless design companies and integrated device manufacturers.

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