NEW YORK (TheStreet) -- Shares of Himax Technologies (HIMX - Get Report) are increasing 0.69% to $8.79 on heavy trading volume late Tuesday afternoon as the Taiwan-based company reiterated its positive outlook for 2016.
"The company is aware of the recent major share price decline following its earnings call on May 12 and would like to reiterate its confidence in the positive outlook for revenue and earnings growth in 2016," Himax said in a statement earlier today.
Last week, the fabless semiconductor solution provider reported revenue of $180.3 million for the 2016 first quarter, below analysts' projections of $181.3 million.
Adjusted earnings were 7.8 cents per ADS, higher than analysts' expectations of 7 cents per ADS.
"Himax is seeing strength in all of its three product categories, namely large-sized panel driver IC, small and medium-sized panel driver IC and non-driver products, from market share gains and new product launches," the company stated.
The company also said it is "excited" about the business prospects in the augmented reality and virtual reality segments "where it has a solid and unrivaled top notch customer portfolio."
About 7.37 million of Himax's shares were traded by late this afternoon vs. its average 30-day volume of 3.07 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
However, the team also finds weaknesses including disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: HIMX