Magnachip Semiconductor (NYSE:MX) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Magnachip Semiconductor Corp. (NYSE:MX)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.86 and traded as high as $2.97. Magnachip Semiconductor shares last traded at $2.8250, with a volume of 222,271 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MX shares. Zacks Research upgraded Magnachip Semiconductor from a “hold” rating to a “strong-buy” rating in a 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 equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.50.

Magnachip Semiconductor Trading Down 3.9%

The company has a market capitalization of $102.94 million, a PE ratio of -3.49 and a beta of 1.02. The company’s fifty day moving average is $2.87 and its 200-day moving average is $2.86. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.07 and a quick ratio of 3.29.

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

Institutional Investors Weigh In On Magnachip Semiconductor

Institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC purchased a new position in Magnachip Semiconductor in the fourth quarter valued at about $30,000. Sei Investments Co. purchased a new position in shares of Magnachip Semiconductor in the 2nd quarter worth approximately $61,000. NewEdge Advisors LLC bought a new position in shares of Magnachip Semiconductor during the 2nd quarter worth approximately $74,000. Quadrature Capital Ltd increased its position in shares of Magnachip Semiconductor by 57.0% during the fourth quarter. Quadrature Capital Ltd now owns 24,420 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 8,863 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in shares of Magnachip Semiconductor during the 4th quarter valued at $65,000. Institutional investors own 74.26% of the company’s stock.

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.