Amkor Stock Plunges 24%, Falls Below 200-DMA for First Time Since August 2025; B. Riley Cuts Price Target to $65

According to B. Riley, Amkor Technology (AMKR) shares plunged over 24% on Tuesday, breaking below their 200-day moving average for the first time since August 2025. The stock recorded its biggest single-day decline since March 2020. B. Riley lowered its price target to $65 from $75, citing pressure from weakness in communications and AI sentiment volatility, while maintaining a Neutral rating.

On Monday, Amkor forecast third-quarter revenue between $1.95 billion and $2.05 billion, below consensus estimates of $2.12 billion. CFO Megan Faust attributed the weaker outlook to tight memory supply, changes in customer production timelines, and planned relocation of System-in-Package operations to Vietnam. The company expects communications revenue to decline in the high single digits sequentially in Q3.