On June 5, FormFactor declined 5.01% in regular trading, trading at $120.375/share, with trading volume of $40.26 million, extending its recent pullback from the late-May high of approximately $138.
The decline was driven by two primary factors. First, continued profit-taking pressure persisted following the company's strong Q1 earnings release, which showed revenue of $230 million, gross margin improving 5.1 percentage points sequentially to 49.0%, and an upward revision to Q2 guidance. The stock had rallied significantly post-earnings, triggering sustained selling from investors locking in gains. Second, the semiconductor equipment sector experienced broad-based weakness, with Lam Research falling 5.52%, Applied Materials declining 5.46%, KLA-Tencor dropping 6.36%, Teradyne sliding 6.88%, and ASML losing 4.08%, amplifying downward pressure on FormFactor.
Notably, Evercore ISI upgraded FormFactor from In Line to Outperform with a price target of $155, and the consensus analyst rating stands at Overweight with a mean target of $154.75, suggesting Wall Street maintains a constructive longer-term outlook despite near-term technical selling.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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