You May Not Know ASE Technology, But the Chip Stock Has Nearly Quadrupled
You May Not Know ASE Technology, But the Chip Stock Has Nearly Quadrupled.
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ASE Technology (ASX) shares are up nearly 290% over the past year and exhibit strong technical momentum.
Revenue is projected to grow 22.81% this year and 21.14% next, with earnings expected to nearly double both years.
Analyst sentiment is mixed as some assign "Strong Buy" ratings and others warn it's as much as 50% overvalued.
Valued at $89.74 billion, ASE Technology (ASX) is a provider of semiconductor manufacturing services in assembly and testing. The company develops and offers complete turnkey solutions covering front-end engineering testing, wafer probing, and final testing as well as IC packaging, materials, and electronic manufacturing services.
I found today's Chart of the Day by using Barchart's powerful screening functions to sort for stocks with the highest technical buy signals; superior current momentum in both strength and direction, Weighted Alpha above 50+ and a 60-Month Beta over 1.5. I then used Barchart's Flipcharts feature to review the charts for consistent price appreciation. ASX checks those boxes. The Trend Seeker issued a new "Buy" signal on May 22. Since then, the stock has gained 16.78%.
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Editor's Note: The technical indicators below are updated live during the session every 20 minutes and can therefore change each day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report. These technical indicators form the Barchart Opinion on a particular stock.
The stock recently traded at $39.86 with a 50-day moving average of $38.
ASX has made 5 new highs and gained 9.55% over the past month.
Revenue is projected to grow 22.81% this year and another 21.14% next year.
Earnings are estimated to increase 89.23% this year and an additional 84.34% next year.
The Wall Street analysts followed by Barchart give the stock 5 "Strong Buy" opinions with price targets between $43 and $48.
Morningstar thinks the stock is 50% overvalued with a fair value of $26.82.
20,380 investors are following the stock on Seeking Alpha, which rates it a "Strong Buy."
Short interest is 0.82% of the float with 1.37 days to cover the float.
