Magnachip Semiconductor Corp. (NYSE:MX) Short Interest Update

Magnachip Semiconductor Corp. (NYSE:MX) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 162,211 shares, a drop of 36.0% from the February 26th total of 253,636 shares. Based on an average trading volume of 335,758 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.5% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of research firms have weighed in on MX. Zacks Research upgraded Magnachip Semiconductor from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Magnachip Semiconductor in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $5.50.

Institutional Investors Weigh In On Magnachip Semiconductor

Several hedge funds have recently modified their holdings of MX. Lepercq De Neuflize Asset Management LLC raised its stake in Magnachip Semiconductor by 162.3% during the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock valued at $6,871,000 after purchasing an additional 1,667,434 shares during the period. XTX Topco Ltd acquired a new position in Magnachip Semiconductor during the fourth quarter valued at $65,000. Quadrature Capital Ltd lifted its stake in Magnachip Semiconductor by 57.0% in the 4th quarter. Quadrature Capital Ltd now owns 24,420 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 8,863 shares in the last quarter. Millennium Management LLC lifted its stake in Magnachip Semiconductor by 13.6% in the 4th quarter. Millennium Management LLC now owns 288,837 shares of the semiconductor company’s stock worth $737,000 after acquiring an additional 34,582 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in Magnachip Semiconductor during the 4th quarter worth about $69,000. 74.26% of the stock is owned by hedge funds and other institutional investors.

Magnachip Semiconductor Price Performance

MX stock traded up $0.02 on Friday, hitting $2.86. 279,324 shares of the company’s stock traded hands, compared to its average volume of 302,462. Magnachip Semiconductor has a 1-year low of $2.18 and a 1-year high of $4.57. The stock has a market cap of $104.04 million, a price-to-earnings ratio of -3.52 and a beta of 1.02. The stock has a fifty day moving average of $2.87 and a 200-day moving average of $2.86. The company has a current ratio of 4.07, a quick ratio of 3.29 and a debt-to-equity ratio of 0.18.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.24. Magnachip Semiconductor had a negative net margin of 16.62% and a negative return on equity of 4.56%. The firm had revenue of $40.57 million for the quarter, compared to analyst estimates of $40.50 million. On average, analysts forecast that Magnachip Semiconductor will post -1.22 EPS for the current fiscal year.

Magnachip Semiconductor Company Profile

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.