United Microelectronics (NYSE:UMC) Trading Up 4.9% - What's Next?

United Microelectronics Co. (NYSE:UMC - Get Free Report) shot up 4.9% during trading on Wednesday . The company traded as high as $6.83 and last traded at $6.82. 3,547,676 shares were traded during mid-day trading, a decline of 66% from the average session volume of 10,300,557 shares. The stock had previously closed at $6.50.

Analysts Set New Price Targets

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

United Microelectronics Stock Performance

The stock has a market capitalization of $16.49 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 3.09 and a beta of 1.17. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The company has a 50 day simple moving average of $7.08 and a 200-day simple moving average of $7.96.

Institutional Trading of United Microelectronics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UMC. Assetmark Inc. acquired a new stake in United Microelectronics in the third quarter valued at approximately $37,000. GAMMA Investing LLC grew its position in United Microelectronics by 90.7% in the 3rd quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company's stock valued at $57,000 after purchasing an additional 3,242 shares during the period. Viking Fund Management LLC acquired a new position in United Microelectronics during the third quarter worth $84,000. MML Investors Services LLC bought a new position in shares of United Microelectronics in the third quarter valued at $86,000. Finally, Synovus Financial Corp acquired a new position in shares of United Microelectronics during the third quarter valued at about $89,000. 5.05% of the stock is owned by institutional investors.

United Microelectronics Company Profile

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.