United Microelectronics (NYSE:UMC) Shares Gap Down – Should You Sell?

United Microelectronics Co. (NYSE:UMC)’s stock price gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

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

United Microelectronics Price Performance

The company has a market capitalization of $16.14 billion, a PE ratio of 9.91, a price-to-earnings-growth ratio of 3.09 and a beta of 1.17. The company has a quick ratio of 1.76, a current ratio of 2.19 and a debt-to-equity ratio of 0.16. The firm’s 50-day moving average is $6.76 and its 200-day moving average is $7.77.

Institutional Trading of United Microelectronics

Several hedge funds and other institutional investors have recently bought and sold shares of UMC. JPMorgan Chase & Co. boosted its stake in shares of United Microelectronics by 7.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 806,000 shares of the semiconductor company’s stock valued at $6,787,000 after purchasing an additional 53,264 shares in the last quarter. DGS Capital Management LLC boosted its position in United Microelectronics by 2.7% during the third quarter. DGS Capital Management LLC now owns 104,271 shares of the semiconductor company’s stock valued at $878,000 after buying an additional 2,712 shares during the period. Synovus Financial Corp bought a new position in shares of United Microelectronics during the third quarter valued at about $89,000. Tidal Investments LLC increased its holdings in shares of United Microelectronics by 110.6% in the third quarter. Tidal Investments LLC now owns 115,287 shares of the semiconductor company’s stock worth $971,000 after buying an additional 60,533 shares during the period. Finally, Chiron Investment Management LLC bought a new stake in shares of United Microelectronics in the 3rd quarter valued at about $755,000. Hedge funds and other institutional investors own 5.05% of the company’s stock.

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.