Magnachip Semiconductor Corp. (NYSE:MX) Sees Large Decline in Short Interest

Magnachip Semiconductor Corp. (NYSE:MX) saw a large decline in short interest in the month of December. As of December 15th, there was short interest totaling 336,353 shares, a decline of 17.9% from the November 30th total of 409,749 shares. Based on an average trading volume of 382,611 shares, the days-to-cover ratio is presently 0.9 days. Approximately 1.0% of the shares of the company are sold short. Approximately 1.0% of the shares of the company are sold short. Based on an average trading volume of 382,611 shares, the days-to-cover ratio is presently 0.9 days.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MX shares. Wall Street Zen lowered shares of Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Magnachip Semiconductor in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Magnachip Semiconductor presently has an average rating of “Hold” and an average price target of $5.50.

Institutional Trading of Magnachip Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the business. Sei Investments Co. purchased a new position in shares of Magnachip Semiconductor in the second quarter valued at approximately $61,000. ProShare Advisors LLC purchased a new stake in shares of Magnachip Semiconductor in the second quarter valued at approximately $73,000. NewEdge Advisors LLC purchased a new position in Magnachip Semiconductor during the second quarter worth approximately $74,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Magnachip Semiconductor in the 2nd quarter valued at $81,000. Finally, Algert Global LLC raised its holdings in shares of Magnachip Semiconductor by 44.7% during the 3rd quarter. Algert Global LLC now owns 29,455 shares of the semiconductor company’s stock worth $92,000 after acquiring an additional 9,100 shares during the period. 74.26% of the stock is currently owned by institutional investors and hedge funds.

Magnachip Semiconductor Stock Down 3.1%

NYSE:MX traded down $0.08 during midday trading on Wednesday, reaching $2.53. 311,793 shares of the stock traded hands, compared to its average volume of 295,482. The business has a 50-day moving average of $2.68 and a two-hundred day moving average of $3.15. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.50 and a current ratio of 4.32. Magnachip Semiconductor has a 12-month low of $2.18 and a 12-month high of $5.16. The stock has a market capitalization of $91.03 million, a PE ratio of -2.46 and a beta of 0.96.

Magnachip Semiconductor (NYSE:MX) last issued its quarterly earnings data on Monday, November 3rd. The semiconductor company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.07. The firm had revenue of $45.95 million during the quarter, compared to analyst estimates of $46.00 million. Magnachip Semiconductor had a negative return on equity of 2.93% and a negative net margin of 18.84%. On average, equities analysts forecast that Magnachip Semiconductor will post -1.22 earnings per share for the current fiscal year.

About Magnachip Semiconductor

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.