ASE Technology (NYSE:ASX) Shares Break Below 200-Day Moving Average – Should You Sell?

ASE Technology Holding Co., Ltd. (NYSE:ASX) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $33.56 and traded as low as $29.58. ASE Technology shares last traded at $29.6730, with a volume of 27,687,950 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ASX. Wall Street Zen upgraded shares of ASE Technology from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Zacks Research upgraded shares of ASE Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 22nd. Finally, Weiss Ratings raised shares of ASE Technology from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy”.

ASE Technology Price Performance

The company has a current ratio of 1.16, a quick ratio of 0.88 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $70.81 billion, a P/E ratio of 29.60 and a beta of 1.79. The stock has a 50 day moving average of $41.30 and a 200-day moving average of $33.62.

ASE Technology (NYSE:ASX) last announced its quarterly earnings data on Thursday, October 29th. The semiconductor company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. ASE Technology had a return on equity of 18.97% and a net margin of 9.77%. The company had revenue of $7.66 billion for the quarter, compared to the consensus estimate of $7.30 billion. On average, equities research analysts anticipate that ASE Technology Holding Co., Ltd. will post 1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ASE Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ancora Advisors LLC bought a new position in ASE Technology in the 2nd quarter worth about $33,000. Curry Webb Wealth Management LLC purchased a new position in shares of ASE Technology during the third quarter worth approximately $40,000. IFP Advisors Inc increased its position in shares of ASE Technology by 107.7% during the second quarter. IFP Advisors Inc now owns 947 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 491 shares during the period. Root Financial Partners LLC bought a new stake in shares of ASE Technology during the third quarter valued at approximately $44,000. Finally, Bessemer Group Inc. raised its stake in shares of ASE Technology by 135.4% during the first quarter. Bessemer Group Inc. now owns 1,438 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 827 shares in the last quarter. Institutional investors own 6.80% of the company’s stock.

ASE Technology Company Profile

ASE Technology Holding Co provides semiconductor packaging and testing services, as well as electronics manufacturing services. Its semiconductor offerings include advanced packaging, wafer bumping and testing, which help customers assemble and validate chips for use in electronic devices.

The company also provides electronics design and manufacturing services through Universal Scientific Industrial, serving customers across industries such as communications, computing, automotive and consumer electronics.

ASE Technology was formed in 2018 through the combination of Advanced Semiconductor Engineering and Siliconware Precision Industries.