United Microelectronics (NYSE:UMC) Shares Up 4.9% – What’s Next?

United Microelectronics Co. (NYSE:UMC) shares were up 4.9% during mid-day trading on Wednesday . The company traded as high as $6.83 and last traded at $6.82. Approximately 3,547,676 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 10,300,557 shares. The stock had previously closed at $6.50.

Analyst Upgrades and Downgrades

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

United Microelectronics Trading Up 2.5 %

The company’s 50-day moving average is $7.11 and its 200-day moving average is $7.97. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.76 and a current ratio of 2.19. The firm has a market cap of $16.69 billion, a price-to-earnings ratio of 10.25, a P/E/G ratio of 3.09 and a beta of 1.17.

Hedge Funds Weigh In On United Microelectronics

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

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.