MaxLinear (NASDAQ:MXL) Trading Down 5.7% After Insider Selling

Shares of MaxLinear, Inc. (NASDAQ:MXL) were down 5.7% during mid-day trading on Tuesday following insider selling activity. The company traded as low as $19.69 and last traded at $19.71. Approximately 126,803 shares changed hands during trading, a decline of 88% from the average daily volume of 1,037,065 shares. The stock had previously closed at $20.90.

Specifically, insider Steven G. Litchfield sold 32,000 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $20.35, for a total value of $651,200.00. Following the completion of the sale, the insider now directly owns 365,868 shares of the company’s stock, valued at approximately $7,445,413.80. This represents a 8.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several research firms recently commented on MXL. Susquehanna lowered shares of MaxLinear from a “positive” rating to a “neutral” rating and cut their target price for the company from $26.00 to $15.00 in a research note on Tuesday, October 1st. Benchmark increased their price objective on MaxLinear from $22.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Craig Hallum cut their target price on MaxLinear from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company initiated coverage on MaxLinear in a research report on Friday, November 22nd. They issued an “equal weight” rating and a $14.00 price target for the company. Finally, Needham & Company LLC restated a “hold” rating on shares of MaxLinear in a report on Thursday, October 24th. One equities 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. According to data from MarketBeat, MaxLinear currently has an average rating of “Hold” and a consensus target price of $23.14.

MaxLinear Price Performance

The stock has a 50-day simple moving average of $15.53 and a 200 day simple moving average of $16.08. 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 capitalization of $1.64 billion, a price-to-earnings ratio of -7.14 and a beta of 1.87.

MaxLinear (NASDAQ:MXL) last issued its earnings results on Wednesday, October 23rd. The semiconductor company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 57.37% and a negative return on equity of 19.22%. The business’s revenue for the quarter was down 40.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.02) EPS. On average, equities research analysts forecast that MaxLinear, Inc. will post -1.66 EPS for the current fiscal year.

Hedge Funds Weigh In On MaxLinear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MXL. SG Americas Securities LLC lifted its holdings in MaxLinear by 39.5% in the 2nd quarter. SG Americas Securities LLC now owns 12,184 shares of the semiconductor company’s stock worth $245,000 after purchasing an additional 3,453 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in MaxLinear by 3.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 38,000 shares of the semiconductor company’s stock worth $765,000 after acquiring an additional 1,100 shares during the period. Bank of New York Mellon Corp boosted its holdings in MaxLinear by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 2,535,449 shares of the semiconductor company’s stock valued at $51,064,000 after acquiring an additional 128,585 shares during the period. Panagora Asset Management Inc. grew its position in shares of MaxLinear by 229.5% in the second quarter. Panagora Asset Management Inc. now owns 210,700 shares of the semiconductor company’s stock valued at $4,243,000 after purchasing an additional 146,754 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in shares of MaxLinear in the second quarter worth about $30,000. Institutional investors own 90.79% of the company’s stock.

MaxLinear Company Profile

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.