United Microelectronics (NYSE:UMC) Shares Gap Down – Time to Sell?

United Microelectronics Co. (NYSE:UMC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $6.63, but opened at $6.49. United Microelectronics shares last traded at $6.52, with a volume of 1,129,062 shares trading hands.

Analysts Set New Price Targets

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

United Microelectronics Stock Up 0.2 %

The firm has a 50-day moving average of $6.73 and a two-hundred day moving average of $7.74. The company has a current ratio of 2.19, a quick ratio of 1.76 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $16.04 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 3.09 and a beta of 1.17.

Institutional Investors Weigh In On United Microelectronics

A number of large investors have recently added to or reduced their stakes in UMC. Assetmark Inc. purchased a new position in shares of United Microelectronics during the 3rd quarter valued at approximately $37,000. GAMMA Investing LLC grew its holdings in United Microelectronics by 90.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,817 shares of the semiconductor company’s stock worth $57,000 after acquiring an additional 3,242 shares in the last quarter. Viking Fund Management LLC bought a new stake in shares of United Microelectronics in the 3rd quarter worth about $84,000. MML Investors Services LLC acquired a new stake in shares of United Microelectronics in the 3rd quarter valued at about $86,000. Finally, Synovus Financial Corp bought a new position in shares of United Microelectronics during the third quarter worth about $89,000. 5.05% of the stock is owned by institutional investors and hedge funds.

United Microelectronics Company Profile

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.