ASE Technology (NYSE:ASX) Shares Gap Up – What’s Next?

ASE Technology Holding Co., Ltd. (NYSE:ASX)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $10.64, but opened at $11.08. ASE Technology shares last traded at $11.02, with a volume of 410,207 shares trading hands.

Analysts Set New Price Targets

A number of analysts recently weighed in on ASX shares. StockNews.com lowered shares of ASE Technology from a “buy” rating to a “hold” rating in a report on Friday, September 20th. Morgan Stanley raised shares of ASE Technology from an “equal weight” rating to an “overweight” rating in a report on Monday, September 16th. Finally, UBS Group upgraded ASE Technology from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 15th.

ASE Technology Trading Up 2.8 %

The company has a market capitalization of $24.01 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 0.71 and a beta of 1.19. The company has a quick ratio of 0.89, a current ratio of 1.18 and a debt-to-equity ratio of 0.38. The stock’s fifty day moving average price is $9.95 and its two-hundred day moving average price is $10.13.

ASE Technology (NYSE:ASX) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.02). ASE Technology had a net margin of 5.47% and a return on equity of 10.05%. The business had revenue of $4.96 billion for the quarter. During the same quarter in the previous year, the business earned $0.13 earnings per share. Sell-side analysts anticipate that ASE Technology Holding Co., Ltd. will post 0.48 earnings per share for the current year.

Institutional Investors Weigh In On ASE Technology

Several institutional investors and hedge funds have recently modified their holdings of ASX. Allspring Global Investments Holdings LLC lifted its holdings in ASE Technology by 585.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 109,813 shares of the semiconductor company’s stock worth $1,072,000 after buying an additional 93,790 shares during the period. Sanctuary Advisors LLC purchased a new position in ASE Technology during the second quarter valued at $1,901,000. OneDigital Investment Advisors LLC boosted its holdings in shares of ASE Technology by 16.5% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 17,193 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 2,431 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in ASE Technology by 12.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 544,797 shares of the semiconductor company’s stock worth $6,222,000 after acquiring an additional 61,992 shares in the last quarter. Finally, TT International Asset Management LTD boosted its stake in ASE Technology by 14.8% during the 3rd quarter. TT International Asset Management LTD now owns 2,063,535 shares of the semiconductor company’s stock valued at $20,140,000 after purchasing an additional 265,767 shares during the last quarter. 6.80% of the stock is owned by hedge funds and other institutional investors.

About ASE Technology

ASE Technology Holding Co, Ltd., together with its subsidiaries, provides semiconductors packaging and testing, and electronic manufacturing services in the United States, Taiwan, Asia, Europe, and internationally. It develops, constructs, sells, leases, and manages real estate properties; produces substrates; offers information software, equipment leasing, investment advisory, and warehousing management services; commercial complex, after-sales, and support services; manages parking lot services; processes and sells computer and communication peripherals, electronic components, telecommunications equipment, and motherboards; and imports and exports goods and technology.