Short Interest in Tower Semiconductor Ltd. (NASDAQ:TSEM) Drops By 16.4%

by · The Cerbat Gem

Tower Semiconductor Ltd. (NASDAQ:TSEM – Get Free Report) was the recipient of a significant drop in short interest during the month of March. As of March 31st, there was short interest totalling 2,040,000 shares, a drop of 16.4% from the March 15th total of 2,440,000 shares. Based on an average daily volume of 794,400 shares, the short-interest ratio is presently 2.6 days. Currently, 1.9% of the company’s shares are short sold.

Tower Semiconductor Stock Down 2.3 %

Shares of TSEM traded down $0.83 during mid-day trading on Monday, hitting $34.65. 104,522 shares of the company’s stock were exchanged, compared to its average volume of 559,398. The stock’s 50-day moving average is $38.80 and its 200-day moving average is $44.90. The company has a debt-to-equity ratio of 0.05, a quick ratio of 5.23 and a current ratio of 6.18. Tower Semiconductor has a fifty-two week low of $28.64 and a fifty-two week high of $55.31. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 18.63 and a beta of 0.84.

Hedge Funds Weigh In On Tower Semiconductor

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

Analysts Set New Price Targets

TSEM has been the topic of several recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $60.00 price target on shares of Tower Semiconductor in a research note on Monday, April 7th. Wedbush reaffirmed an “outperform” rating and issued a $60.00 target price on shares of Tower Semiconductor in a research report on Tuesday, February 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Tower Semiconductor currently has an average rating of “Moderate Buy” and an average price target of $60.00.

Read Our Latest Stock Analysis on TSEM

Tower Semiconductor Company Profile

(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.

Featured Stories