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ThecoinrepublicStockAMKR Stock Slumps Amid Secondary Public Offering...
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AMKR Stock Slumps Amid Secondary Public Offering Of 10M Shares

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Amkor Technology (AMKR Stock) announced on Wednesday that the company stockholder 915 Investments intends to offer 10 Million shares in a secondary public offering. The AMKR company would not receive any proceeds from the sale of the shares by the selling stockholder. It impacted the stock price as the price showed a gap-down opening of 15% and slumped a total of 16% at the time of closing. 

Amkor Technology’s (AMKR stock) price has been volatile with major ups and downs in the past 6 months and trading in a 40% range with lower support at $20 and resistance at $30. The long-term outlook for the stock price is bullish as the price is trading near a swing high and forming a range.


The daily chart shows that the price suffered rejection from the 50-day EMA and thereafter the news of a secondary public offering triggered a gap-down opening thus sinking the price below the 200 EMA. However, the positive point for the stock is that the price is still above the major support of $20. 

The Analysts offering a 1-year price forecast for Amkor Technology have a max estimate of $36 with the stock having a potential of over 57%. Amkor Technology engages in packaging and test services of the outsourced semiconductor. The services include design, package, characterization, etc. 

AMKR Stock Slumps Amid Secondary Public Offering Of 10M Shares
 Source: barchart.com

AMKR stock option-chain analysis states that the current implied volatility in the market is 40.71% with an increment of 6% in the last trading session. The At-the-money strike has an OI of 62 on the PUT side and 13 on the CALL side indicating the buyers dominating at the CMP. 

AMKR Stock Price Slumped 15% In Pre-Market Opening On Thursday

AMKR Stock Slumps Amid Secondary Public Offering Of 10M Shares
Source: Amkor Technology  1D. NYSE By TradingView

The AMKR stock price currently trades at $22.81 with a decline of nearly 16% in the Intraday session on Thursday. The short-term outlook for the price prediction shows that the price may decline more till the round level of $20 which is the nearest buying zone.

The AMKR Stock Price Slides Below The Key Moving Averages

AMKR Stock Slumps Amid Secondary Public Offering Of 10M Shares
Source: Amkor Technology  1D. NYSE By TradingView

The daily AMKR stock price chart shows that the price suffered rejection from the 50-day EMA indicating the presence of sellers at the upper levels. 

The overall Technical Opinion rating including RSI and MACD signals a 24% sell with an average short-term outlook on maintaining the current direction.

Conclusion

Amkor Technology (AMKR stock) a semiconductor packaging and test service provider, saw its stock price drop by 16% on Thursday after a secondary public offering of 10 Million shares by a stockholder. The price gapped down below the 200 EMA and may fall further to $20, which is a major support level. The price has been volatile in the last 6 months, trading between $20 and $30. The long-term outlook is bullish, with analysts having a max estimate of $36 for the next year.

Technical Levels

  • Support levels: $20.87 and $18.37.
  • Resistance levels: $27.54 and $29.06.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
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