Magnachip Semiconductor (NYSE:MX) Stock Rating Reaffirmed by Needham & Company LLC

Magnachip Semiconductor (NYSE:MX)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Friday, AnalystRatings.com reports. They currently have a $18.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 58.17% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Wednesday, June 17th. ValuEngine raised Magnachip Semiconductor from a “strong sell” rating to a “sell” rating in a research note on Friday, July 24th.

Shares of MX stock opened at $11.38 on Friday. The stock has a market capitalization of $399.04 million, a PE ratio of 24.74 and a beta of 1.10. Magnachip Semiconductor has a one year low of $6.30 and a one year high of $16.06. The business’s 50 day simple moving average is $10.60 and its 200 day simple moving average is $11.46.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings data on Thursday, July 30th. The semiconductor company reported $0.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.05. The company had revenue of $118.83 million during the quarter, compared to analysts’ expectations of $117.70 million. Magnachip Semiconductor had a net margin of 3.65% and a negative return on equity of 172.13%. Sell-side analysts predict that Magnachip Semiconductor will post 0.16 earnings per share for the current year.

In other Magnachip Semiconductor news, Director Camillo Martino purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was bought at an average cost of $11.57 per share, with a total value of $115,700.00. Company insiders own 5.20% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of Magnachip Semiconductor by 384.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 55,422 shares of the semiconductor company’s stock valued at $643,000 after buying an additional 43,986 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in Magnachip Semiconductor in the 4th quarter valued at about $139,000. Cubist Systematic Strategies LLC lifted its holdings in Magnachip Semiconductor by 22.4% during the fourth quarter. Cubist Systematic Strategies LLC now owns 32,428 shares of the semiconductor company’s stock valued at $376,000 after purchasing an additional 5,940 shares during the last quarter. Polunin Capital Partners Ltd boosted its position in Magnachip Semiconductor by 4,122.3% during the first quarter. Polunin Capital Partners Ltd now owns 262,498 shares of the semiconductor company’s stock worth $2,900,000 after purchasing an additional 256,281 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Magnachip Semiconductor by 828.5% in the first quarter. Russell Investments Group Ltd. now owns 66,631 shares of the semiconductor company’s stock worth $707,000 after purchasing an additional 59,455 shares in the last quarter. 93.28% of the stock is owned by hedge funds and other institutional investors.

Magnachip Semiconductor Company Profile

MagnaChip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.

Further Reading: Dead Cat Bounce

Receive News & Ratings for Magnachip Semiconductor Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Magnachip Semiconductor and related companies with MarketBeat.com's FREE daily email newsletter.