Semiconductor Manufacturing International Corp. (SMI) was a big mover last session, as the company saw its shares rise more than 5% on the day. Shares moved up after the company announced the formation of a new research and development company with its partners to create the next generation of chips. This led to solid volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading above the volatile range of $5.46 to $5.88 in the past one-month time frame.
None of the estimates for this semiconductor industry stock were revised over the past 30 days. The Zacks Consensus Estimate also remained unchanged over the same time frame. Yesterday’s price action is encouraging though, so make sure to keep a close watch on this firm in the near future.
Semiconductor Manufacturing has a Zacks Rank #3 (Hold), while its Earnings ESP is 0.00%.
However, a better-ranked stock in the same space is Ambarella, Inc. (AMBA), sporting a Zacks Rank #1 (Strong Buy).
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