MaxLinear (NYSE:MXL) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

MaxLinear (NYSE:MXL) announced its earnings results on Wednesday. The semiconductor company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.02, reports. The business had revenue of $95.27 million during the quarter, compared to the consensus estimate of $94.99 million. MaxLinear had a negative return on equity of 4.63% and a negative net margin of 28.70%. MaxLinear updated its Q2 2024 guidance to EPS.

MaxLinear Stock Down 1.2 %

Shares of MXL opened at $20.68 on Friday. MaxLinear has a 52-week low of $13.43 and a 52-week high of $35.09. The company has a market capitalization of $1.69 billion, a PE ratio of -10.94 and a beta of 1.98. The stock has a fifty day simple moving average of $19.90 and a two-hundred day simple moving average of $19.95. The company has a quick ratio of 1.75, a current ratio of 2.20 and a debt-to-equity ratio of 0.18.

Institutional Trading of MaxLinear

A number of hedge funds and other institutional investors have recently modified their holdings of MXL. Invesco Ltd. increased its stake in shares of MaxLinear by 97.1% in the 3rd quarter. Invesco Ltd. now owns 3,482,949 shares of the semiconductor company’s stock worth $77,496,000 after acquiring an additional 1,716,026 shares during the last quarter. Vanguard Group Inc. increased its position in shares of MaxLinear by 12.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,683,038 shares of the semiconductor company’s stock worth $237,698,000 after purchasing an additional 1,199,257 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of MaxLinear by 423.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 657,157 shares of the semiconductor company’s stock worth $14,622,000 after purchasing an additional 531,529 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of MaxLinear during the 4th quarter worth about $7,553,000. Finally, Managed Asset Portfolios LLC acquired a new stake in shares of MaxLinear during the 3rd quarter worth about $5,675,000. 90.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MXL. StockNews.com downgraded MaxLinear from a “hold” rating to a “sell” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of MaxLinear in a research note on Thursday. Benchmark reaffirmed a “buy” rating and set a $28.00 target price on shares of MaxLinear in a research note on Thursday. Wells Fargo & Company cut MaxLinear from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $35.00 to $25.00 in a research report on Wednesday, January 3rd. Finally, Northland Securities upgraded MaxLinear from a “market perform” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.09.

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.