Magnachip Semiconductor (NYSE:MX) Shares Cross Above 50 Day Moving Average – Time to Sell?

Shares of Magnachip Semiconductor Corp. (NYSE:MX) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $2.91 and traded as high as $3.00. Magnachip Semiconductor shares last traded at $2.9630, with a volume of 1,550,687 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Magnachip Semiconductor in a report on Thursday, October 29th. Wall Street Zen lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a report on Saturday, November 7th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce”.

Magnachip Semiconductor Stock Performance

The company’s fifty day simple moving average is $2.89 and its 200 day simple moving average is $3.63. The company has a current ratio of 2.65, a quick ratio of 2.02 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $94.93 million, a P/E ratio of -3.04 and a beta of 1.72.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Wednesday, November 4th. The semiconductor company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.09). The business had revenue of $43.98 million during the quarter, compared to the consensus estimate of $47.50 million. Magnachip Semiconductor had a negative return on equity of 11.18% and a negative net margin of 17.15%.

Insider Activity

In other news, CEO Chae Lee acquired 80,000 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was purchased at an average cost of $3.18 per share, for a total transaction of $254,400.00. Following the acquisition, the chief executive officer owned 368,750 shares of the company’s stock, valued at $1,172,625. This trade represents a 27.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders bought 170,000 shares of company stock valued at $474,200. 10.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnachip Semiconductor

A number of large investors have recently added to or reduced their stakes in MX. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Magnachip Semiconductor in the 2nd quarter valued at about $1,953,000. FourWorld Capital Management LLC lifted its stake in Magnachip Semiconductor by 667.1% in the first quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company’s stock worth $4,642,000 after acquiring an additional 1,441,593 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Magnachip Semiconductor during the 2nd quarter valued at about $946,000. Renaissance Technologies LLC bought a new stake in Magnachip Semiconductor during the 1st quarter valued at approximately $99,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Magnachip Semiconductor during the third quarter valued at approximately $626,000. Hedge funds and other institutional investors own 74.26% of the company’s stock.

Magnachip Semiconductor Company Profile

MagnaChip Semiconductor Corporation is a semiconductor company that develops and supplies analog and mixed-signal products. Its portfolio includes power semiconductors and integrated circuits used to manage and convert electrical power in consumer, industrial, automotive and communications applications. The company also makes display driver integrated circuits, which help control the images shown on screens such as those in mobile devices, televisions and other electronics. Its products serve manufacturers and other customers in markets around the world.