Needham & Company LLC upgraded shares of Magnachip Semiconductor Corp. (NYSE:MX) from a hold rating to a buy rating in a research note issued to investors on Friday morning. Needham & Company LLC currently has $10.00 price objective on the stock.
Other equities research analysts also recently issued reports about the stock. Roth Capital started coverage on shares of Magnachip Semiconductor Corp. in a report on Wednesday, September 28th. They issued a buy rating and a $10.00 price target for the company. Zacks Investment Research raised shares of Magnachip Semiconductor Corp. from a hold rating to a buy rating and set a $7.00 price target for the company in a report on Saturday, October 29th.
Shares of Magnachip Semiconductor Corp. (NYSE:MX) opened at 7.75 on Friday. The firm has a market capitalization of $271.23 million, a PE ratio of 6.30 and a beta of 0.42. The company has a 50 day moving average of $6.43 and a 200 day moving average of $7.03. Magnachip Semiconductor Corp. has a 52-week low of $3.10 and a 52-week high of $9.17.
Magnachip Semiconductor Corp. (NYSE:MX) last posted its quarterly earnings data on Thursday, October 27th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.07. The company earned $192.30 million during the quarter, compared to analyst estimates of $183 million. Magnachip Semiconductor Corp. had a negative return on equity of 44.29% and a net margin of 6.52%. The firm’s quarterly revenue was up 24.5% compared to the same quarter last year. On average, analysts anticipate that Magnachip Semiconductor Corp. will post ($0.17) earnings per share for the current fiscal year.
In other Magnachip Semiconductor Corp. news, insider Engaged Capital Llc sold 400,000 shares of the business’s stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $6.35, for a total transaction of $2,540,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 4.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of MX. State Street Corp increased its stake in Magnachip Semiconductor Corp. by 2.4% in the second quarter. State Street Corp now owns 38,950 shares of the company’s stock valued at $220,000 after buying an additional 915 shares during the last quarter. Hollencrest Securities LLC increased its position in shares of Magnachip Semiconductor Corp. by 2.8% in the third quarter. Hollencrest Securities LLC now owns 93,400 shares of the company’s stock worth $779,000 after buying an additional 2,500 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Magnachip Semiconductor Corp. by 123.9% in the third quarter. Tower Research Capital LLC TRC now owns 12,189 shares of the company’s stock worth $101,000 after buying an additional 6,745 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Magnachip Semiconductor Corp. during the third quarter worth $101,000. Finally, Nine Chapters Capital Management LLC acquired a new position in shares of Magnachip Semiconductor Corp. during the third quarter worth $105,000. Hedge funds and other institutional investors own 77.39% of the company’s stock.
Magnachip Semiconductor Corp. Company Profile
MagnaChip Semiconductor Corporation is a holding company, which designs and manufactures analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of things (IoT) applications. The Company provides technology platforms for analog, mixed-signal, power, high voltage, non-volatile memory and radio frequency applications.