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

Magnachip Semiconductor Corp (NYSE:MX) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 513,600 shares, a decline of 11.6% from the June 30th total of 580,700 shares. Based on an average daily volume of 309,600 shares, the short-interest ratio is presently 1.7 days. Approximately 1.5% of the shares of the stock are short sold.

Shares of Magnachip Semiconductor stock traded up $0.03 during trading hours on Wednesday, reaching $10.05. 223,800 shares of the company were exchanged, compared to its average volume of 317,054. Magnachip Semiconductor has a 1 year low of $5.75 and a 1 year high of $12.00. The firm has a fifty day moving average of $10.45. The company has a market capitalization of $361.22 million, a price-to-earnings ratio of 14.15 and a beta of 0.84.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings data on Tuesday, July 30th. The semiconductor company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.17. The business had revenue of $205.15 million for the quarter, compared to analyst estimates of $194.00 million. Magnachip Semiconductor had a negative return on equity of 20.36% and a negative net margin of 3.85%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 earnings per share. Sell-side analysts predict that Magnachip Semiconductor will post -0.29 earnings per share for the current year.

Several analysts have recently commented on MX shares. ValuEngine raised shares of Magnachip Semiconductor from a “hold” rating to a “buy” rating in a research report on Friday, July 19th. Citigroup set a $11.00 price target on shares of Magnachip Semiconductor and gave the company a “hold” rating in a research report on Wednesday, July 31st. Zacks Investment Research lowered shares of Magnachip Semiconductor from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Roth Capital set a $17.00 price target on shares of Magnachip Semiconductor and gave the company a “buy” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Magnachip Semiconductor presently has a consensus rating of “Buy” and a consensus price target of $12.25.

Several hedge funds and other institutional investors have recently modified their holdings of MX. BlackRock Inc. acquired a new stake in shares of Magnachip Semiconductor in the 4th quarter valued at approximately $41,000. Millennium Management LLC raised its holdings in Magnachip Semiconductor by 26.6% during the 4th quarter. Millennium Management LLC now owns 511,951 shares of the semiconductor company’s stock worth $3,179,000 after buying an additional 107,725 shares during the period. James Investment Research Inc. acquired a new stake in Magnachip Semiconductor during the 1st quarter worth approximately $386,000. Quantamental Technologies LLC acquired a new stake in Magnachip Semiconductor during the 1st quarter worth approximately $26,000. Finally, Cohen Capital Management Inc. raised its holdings in shares of Magnachip Semiconductor by 26.5% in the first quarter. Cohen Capital Management Inc. now owns 340,933 shares of the semiconductor company’s stock valued at $2,523,000 after purchasing an additional 71,509 shares during the last quarter. 87.48% of the stock is currently owned by institutional investors.

Magnachip Semiconductor Company Profile

MagnaChip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.

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