United Microelectronics (NYSE:UMC) Shares Gap Up – Here’s What Happened

Shares of United Microelectronics Co. (NYSE:UMC) 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 traded.

Wall Street Analyst Weigh In

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

United Microelectronics Trading Up 0.2 %

The company has a market capitalization of $16.51 billion, a price-to-earnings ratio of 10.14, a P/E/G ratio of 3.09 and a beta of 1.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.19 and a quick ratio of 1.76. The business’s 50-day moving average price is $7.08 and its two-hundred day moving average price is $7.96.

Institutional Trading of United Microelectronics

Large investors have recently modified their holdings of the stock. Assetmark Inc. acquired a new position in United Microelectronics during the third quarter valued at approximately $37,000. GAMMA Investing LLC increased its stake in shares of 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 last quarter. Viking Fund Management LLC acquired a new position in shares of United Microelectronics during the 3rd quarter worth $84,000. MML Investors Services LLC bought a new stake in shares of United Microelectronics during the 3rd quarter worth $86,000. Finally, Synovus Financial Corp acquired a new stake in United Microelectronics in the third quarter valued at about $89,000. 5.05% of the stock is owned by institutional investors and hedge funds.

About United Microelectronics

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.