Investment analysts have recently adjusted their ratings for Chipmos Technologies (NASDAQ: IMOS) following the company’s quarterly earnings report. On Saturday, Wall Street Zen downgraded the semiconductor firm from a “strong-buy” to a “buy” rating. Meanwhile, Weiss Ratings upgraded Chipmos from a “sell (D+)” to a “hold (C-)” rating in a report released on Monday. Currently, according to data from MarketBeat, the stock holds a consensus rating of “hold.”
Chipmos Technologies reported its quarterly earnings on November 11, 2023. The company posted earnings per share (EPS) of $0.33, exceeding analysts’ expectations of $0.13 by $0.20. Despite this positive outcome, the firm’s revenue of $201.70 million fell significantly short of the anticipated $6.50 billion. This marked a modest year-over-year increase of 1.3%, as the business earned $0.26 EPS during the same quarter last year. The company also reported a return on equity of 0.75% and a net margin of 0.78%.
Institutional Investors Adjust Positions
Recent movements among institutional investors indicate growing interest in Chipmos Technologies. Allworth Financial LP increased its stake in the company by 74.7% during the third quarter, acquiring 1,373 shares valued at approximately $26,000 after purchasing an additional 587 shares. Similarly, Westside Investment Management Inc. raised its holdings by 125.5%, owning 2,163 shares now worth around $42,000 after acquiring an additional 1,204 shares.
GAMMA Investing LLC made notable adjustments as well, boosting its position by 131.7% and owning 2,866 shares valued at $55,000 after an increase of 1,629 shares. Parallel Advisors LLC also expanded its stake by 44.4%, now holding 6,142 shares valued at $117,000. Additionally, Bank of America Corp DE increased its investment by 71.8%, owning 11,852 shares valued at $215,000 after purchasing an extra 4,952 shares.
These movements reflect a broader trend, with institutional investors and hedge funds now owning approximately 7.39% of Chipmos Technologies’ stock.
Overview of Chipmos Technologies
Founded in 1997 and headquartered in Hsinchu, Taiwan, Chipmos Technologies Inc. is a key player in the semiconductor industry, providing outsourced assembly, testing, and packaging services. The company offers a comprehensive array of back-end solutions, including wafer probing, assembly, surface mount, and final testing for various types of integrated circuits.
Chipmos serves a diverse clientele across consumer electronics, communications, industrial, and automotive markets, ensuring reliable testing and packaging support for semiconductor fabless companies and foundries. The company’s operational facilities are strategically located throughout Asia, including sites in Taoyuan (Taiwan), Guangdong Province (China), and Singapore.
Investors and analysts will be closely monitoring Chipmos Technologies as it navigates these rating changes and prepares for future earnings reports.
