Magnachip Semiconductor (NYSE:MX) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Magnachip Semiconductor Corp. (NYSE:MX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.22 and traded as high as $9.77. Magnachip Semiconductor shares last traded at $8.4160, with a volume of 7,785,255 shares.

Analysts Set New Price Targets

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

Magnachip Semiconductor Trading Up 7.5%

The stock has a market cap of $306.68 million, a PE ratio of -12.02 and a beta of 1.51. The business has a 50 day moving average of $4.05 and a 200-day moving average of $3.22. The company has a current ratio of 2.37, a quick ratio of 1.91 and a debt-to-equity ratio of 0.07.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MX. Lepercq De Neuflize Asset Management LLC raised its position in shares of Magnachip Semiconductor by 162.3% in the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock worth $6,871,000 after buying 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 worth $4,642,000 after buying an additional 1,441,593 shares during the period. Marshall Wace LLP raised its position in shares of Magnachip Semiconductor by 47.2% in the 4th quarter. Marshall Wace LLP now owns 1,285,832 shares of the semiconductor company’s stock worth $3,279,000 after buying an additional 412,098 shares during the period. Potomac Capital Management Inc. purchased a new position in shares of Magnachip Semiconductor in the 4th quarter worth $987,000. Finally, First Wilshire Securities Management Inc. raised its position in shares of Magnachip Semiconductor by 53.8% in the 4th quarter. First Wilshire Securities Management Inc. now owns 732,857 shares of the semiconductor company’s stock worth $1,869,000 after buying an additional 256,211 shares during the period. 74.26% of the stock is owned by hedge funds and other institutional investors.

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.