Magnachip Semiconductor Corp. (NYSE:MX) Sees Significant Increase in Short Interest

Magnachip Semiconductor Corp. (NYSE:MX) was the target of a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 766,657 shares, a growth of 123.5% from the May 14th total of 343,084 shares. Based on an average daily volume of 5,026,413 shares, the short-interest ratio is currently 0.2 days. Currently, 2.2% of the shares of the company are short sold.

Wall Street Analyst Weigh In

MX has been the subject of several recent analyst reports. Zacks Research downgraded shares of Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $5.50.

Magnachip Semiconductor Price Performance

NYSE:MX opened at $6.29 on Friday. Magnachip Semiconductor has a 52 week low of $2.18 and a 52 week high of $9.86. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.91 and a current ratio of 2.37. The firm’s 50-day simple moving average is $4.83 and its 200 day simple moving average is $3.52. The firm has a market cap of $229.13 million, a price-to-earnings ratio of -8.98 and a beta of 1.51.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. Magnachip Semiconductor had a negative net margin of 14.14% and a negative return on equity of 4.68%. The firm had revenue of $46.21 million during the quarter, compared to the consensus estimate of $46.00 million.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Lepercq De Neuflize Asset Management LLC increased its holdings in shares of Magnachip Semiconductor by 162.3% during the fourth quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock worth $6,871,000 after purchasing an additional 1,667,434 shares during the period. FourWorld Capital Management LLC raised its position in shares of Magnachip Semiconductor by 667.1% in the 1st quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company’s stock valued at $4,642,000 after buying an additional 1,441,593 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Magnachip Semiconductor by 17.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,432,843 shares of the semiconductor company’s stock worth $4,485,000 after acquiring an additional 208,417 shares during the period. Marshall Wace LLP lifted its holdings in shares of Magnachip Semiconductor by 47.2% during the 4th quarter. Marshall Wace LLP now owns 1,285,832 shares of the semiconductor company’s stock worth $3,279,000 after acquiring an additional 412,098 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Magnachip Semiconductor by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,030,024 shares of the semiconductor company’s stock worth $3,224,000 after acquiring an additional 6,519 shares during the period. 74.26% of the stock is owned by institutional investors.

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.