ASE Technology (NYSE:ASX) Stock Crosses Above 200-Day Moving Average – Here’s Why

ASE Technology Holding Co., Ltd. (NYSE:ASX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.18 and traded as high as $10.23. ASE Technology shares last traded at $10.07, with a volume of 8,563,371 shares trading hands.

Analysts Set New Price Targets

Several brokerages recently issued reports on ASX. Morgan Stanley raised shares of ASE Technology from an “equal weight” rating to an “overweight” rating in a report on Monday, September 16th. UBS Group upgraded ASE Technology from a “neutral” rating to a “buy” rating in a report on Tuesday, October 15th. Finally, StockNews.com cut ASE Technology from a “buy” rating to a “hold” rating in a research note on Friday, September 20th.

ASE Technology Stock Performance

The firm’s 50 day moving average is $9.94 and its 200 day moving average is $10.17. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.89 and a current ratio of 1.18. The stock has a market cap of $21.99 billion, a P/E ratio of 22.27, a price-to-earnings-growth ratio of 0.71 and a beta of 1.21.

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

Hedge Funds Weigh In On ASE Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in ASE Technology by 7.0% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 16,023 shares of the semiconductor company’s stock worth $183,000 after acquiring an additional 1,046 shares during the period. Beverly Hills Private Wealth LLC raised its stake in shares of ASE Technology by 5.4% in the second quarter. Beverly Hills Private Wealth LLC now owns 22,195 shares of the semiconductor company’s stock worth $253,000 after purchasing an additional 1,130 shares during the last quarter. First Affirmative Financial Network lifted its holdings in shares of ASE Technology by 13.7% during the third quarter. First Affirmative Financial Network now owns 15,330 shares of the semiconductor company’s stock worth $150,000 after purchasing an additional 1,851 shares during the period. EverSource Wealth Advisors LLC boosted its position in ASE Technology by 13.7% in the second quarter. EverSource Wealth Advisors LLC now owns 17,295 shares of the semiconductor company’s stock valued at $198,000 after buying an additional 2,083 shares during the last quarter. Finally, OneDigital Investment Advisors LLC increased its holdings in ASE Technology by 16.5% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 17,193 shares of the semiconductor company’s stock worth $168,000 after buying an additional 2,431 shares during the period. 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.