MaxLinear (NASDAQ:MXL) Stock Price Up 6.1% – Here’s What Happened

MaxLinear, Inc. (NASDAQ:MXL)’s stock price was up 6.1% during mid-day trading on Thursday . The stock traded as high as $15.59 and last traded at $15.59. Approximately 45,914 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 994,047 shares. The stock had previously closed at $14.69.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MXL shares. Wells Fargo & Company started coverage on MaxLinear in a report on Friday. They set an “equal weight” rating and a $14.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of MaxLinear in a research note on Thursday, October 24th. Craig Hallum lowered their price objective on shares of MaxLinear from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Benchmark reissued a “buy” rating and set a $22.00 target price on shares of MaxLinear in a research report on Thursday, October 24th. Finally, Susquehanna lowered shares of MaxLinear from a “positive” rating to a “neutral” rating and reduced their price target for the company from $26.00 to $15.00 in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $22.29.

MaxLinear Stock Performance

The company has a current ratio of 1.95, a quick ratio of 1.38 and a debt-to-equity ratio of 0.22. The stock has a market cap of $1.31 billion, a PE ratio of -5.71 and a beta of 1.85. The business’s 50-day moving average price is $14.37 and its 200-day moving average price is $16.29.

MaxLinear (NASDAQ:MXL) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.04). The firm had revenue of $81.10 million during the quarter, compared to analysts’ expectations of $80.40 million. MaxLinear had a negative return on equity of 19.22% and a negative net margin of 57.37%. MaxLinear’s revenue for the quarter was down 40.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.02) earnings per share. As a group, equities research analysts expect that MaxLinear, Inc. will post -1.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP William Torgerson sold 6,100 shares of MaxLinear stock in a transaction on Friday, November 8th. The shares were sold at an average price of $15.40, for a total transaction of $93,940.00. Following the completion of the sale, the vice president now directly owns 179,262 shares in the company, valued at approximately $2,760,634.80. The trade was a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Hedge Funds Weigh In On MaxLinear

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of MaxLinear by 5.8% in the first quarter. Vanguard Group Inc. now owns 12,253,823 shares of the semiconductor company’s stock valued at $228,779,000 after purchasing an additional 667,550 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in MaxLinear in the 3rd quarter worth approximately $16,696,000. EntryPoint Capital LLC purchased a new position in MaxLinear during the 1st quarter worth approximately $59,000. Millennium Management LLC lifted its stake in MaxLinear by 307.9% during the 2nd quarter. Millennium Management LLC now owns 1,044,648 shares of the semiconductor company’s stock valued at $21,039,000 after acquiring an additional 788,558 shares during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of MaxLinear in the 3rd quarter valued at $833,000. Hedge funds and other institutional investors own 90.79% of the company’s stock.

About MaxLinear

MaxLinear, Inc provides communications systems-on-chip solutions worldwide. Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management.