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

Tower Semiconductor Ltd. (NASDAQ:TSEMGet Free Report) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 599,700 shares, a decline of 60.3% from the January 15th total of 1,510,000 shares. Based on an average daily trading volume, of 764,100 shares, the days-to-cover ratio is presently 0.8 days.

Tower Semiconductor Trading Up 2.3 %

Shares of TSEM traded up $0.68 during trading hours on Monday, reaching $30.09. 859,189 shares of the company traded hands, compared to its average volume of 594,615. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of 6.12 and a beta of 0.94. Tower Semiconductor has a 12-month low of $21.43 and a 12-month high of $45.87. The company has a current ratio of 6.65, a quick ratio of 5.47 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average price is $29.57 and its 200 day moving average price is $28.21.

Tower Semiconductor (NASDAQ:TSEMGet Free Report) last announced its quarterly earnings results on Monday, November 13th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.02. The firm had revenue of $358.17 million during the quarter, compared to analyst estimates of $359.17 million. Tower Semiconductor had a return on equity of 10.85% and a net margin of 37.17%. Sell-side analysts forecast that Tower Semiconductor will post 1.93 earnings per share for the current year.

Institutional Trading of Tower Semiconductor

Large investors have recently modified their holdings of the company. Baupost Group LLC MA bought a new position in shares of Tower Semiconductor in the 3rd quarter worth $69,996,000. Senvest Management LLC raised its holdings in Tower Semiconductor by 58.8% in the fourth quarter. Senvest Management LLC now owns 7,174,598 shares of the semiconductor company’s stock worth $218,969,000 after purchasing an additional 2,657,777 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Tower Semiconductor during the third quarter valued at about $42,314,000. Norges Bank bought a new stake in shares of Tower Semiconductor in the 4th quarter valued at about $45,303,000. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Tower Semiconductor by 94.6% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,586,287 shares of the semiconductor company’s stock worth $63,519,000 after buying an additional 1,257,181 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Analysts Set New Price Targets

TSEM has been the subject of several recent analyst reports. Benchmark initiated coverage on Tower Semiconductor in a research report on Wednesday, October 25th. They set a “buy” rating and a $35.00 target price for the company. StockNews.com upgraded Tower Semiconductor from a “hold” rating to a “buy” rating in a research report on Tuesday, November 21st.

Read Our Latest Analysis on TSEM

About Tower Semiconductor

(Get Free Report)

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.

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