Magnachip Semiconductor (NYSE:MX) Price Target Lowered to $8.00 at Roth Mkm

Magnachip Semiconductor (NYSE:MX) had its price target reduced by Roth Mkm from $10.00 to $8.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

MX has been the topic of several other research reports. StockNews.com raised Magnachip Semiconductor from a sell rating to a hold rating in a research report on Saturday, March 9th. Needham & Company LLC lowered their price objective on Magnachip Semiconductor from $10.00 to $8.00 and set a buy rating on the stock in a research report on Friday.

Magnachip Semiconductor Price Performance

Magnachip Semiconductor stock traded up $0.08 during mid-day trading on Friday, hitting $5.17. 302,750 shares of the company’s stock traded hands, compared to its average volume of 410,387. The firm has a 50 day simple moving average of $5.41 and a two-hundred day simple moving average of $6.45. Magnachip Semiconductor has a fifty-two week low of $4.70 and a fifty-two week high of $11.68. The stock has a market cap of $197.80 million, a price-to-earnings ratio of -6.62 and a beta of 0.77.

Magnachip Semiconductor (NYSE:MX) last posted its earnings results on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.08. Magnachip Semiconductor had a negative net margin of 13.76% and a negative return on equity of 8.16%. The company had revenue of $50.82 million during the quarter, compared to analysts’ expectations of $52.45 million. During the same quarter last year, the company posted ($0.39) EPS. On average, research analysts anticipate that Magnachip Semiconductor will post -1.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnachip Semiconductor

A number of hedge funds have recently added to or reduced their stakes in MX. Tower Research Capital LLC TRC lifted its stake in Magnachip Semiconductor by 808.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,496 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 3,111 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Magnachip Semiconductor by 177.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 2,994 shares during the last quarter. Quantbot Technologies LP acquired a new position in Magnachip Semiconductor during the third quarter worth about $36,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magnachip Semiconductor by 36.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the semiconductor company’s stock worth $84,000 after acquiring an additional 3,024 shares during the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new stake in shares of Magnachip Semiconductor in the 4th quarter valued at approximately $105,000. Institutional investors own 74.26% of the company’s stock.

About Magnachip Semiconductor

Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.