United Microelectronics (NYSE:UMC) Hits New 52-Week Low – Here’s Why

United Microelectronics Co. (NYSE:UMC)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as $6.78 and last traded at $6.78, with a volume of 8136290 shares traded. The stock had previously closed at $6.88.

Wall Street Analyst Weigh In

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

United Microelectronics Stock Down 1.5 %

The company has a current ratio of 2.19, a quick ratio of 1.37 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $7.90 and a 200-day moving average of $8.21. The firm has a market cap of $16.99 billion, a price-to-earnings ratio of 10.43, a price-to-earnings-growth ratio of 3.28 and a beta of 1.20.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Assetmark Inc. acquired a new position in shares of United Microelectronics during the third quarter worth approximately $37,000. GAMMA Investing LLC boosted its position 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 during the period. Viking Fund Management LLC acquired a new position in shares of United Microelectronics during the third quarter valued at $84,000. MML Investors Services LLC bought a new stake in shares of United Microelectronics during the third quarter valued at about $86,000. Finally, Aprio Wealth Management LLC acquired a new stake in United Microelectronics in the second quarter worth about $95,000. 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.