Magnachip Semiconductor (NYSE:MX) Shares Pass Below 200 Day Moving Average – Here’s Why

Shares of Magnachip Semiconductor Corp. (NYSE:MX) passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.79 and traded as low as $3.75. Magnachip Semiconductor shares last traded at $3.7950, with a volume of 1,521,026 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MX shares. Wall Street Zen raised shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Zacks Research downgraded Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Weiss Ratings raised 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 assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $5.50.

Magnachip Semiconductor Trading Down 8.1%

The firm has a market capitalization of $138.29 million, a price-to-earnings ratio of -5.42 and a beta of 1.59. The business’s 50-day moving average price is $5.38 and its 200 day moving average price is $3.79. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.37 and a quick ratio of 1.91.

Magnachip Semiconductor (NYSE:MX) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $46.00 million.

Institutional Investors Weigh In On Magnachip Semiconductor

Hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC raised its position in shares of Magnachip Semiconductor by 22.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 60,638 shares of the semiconductor company’s stock valued at $208,000 after purchasing an additional 11,298 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Magnachip Semiconductor in the first quarter worth $115,000. American Century Companies Inc. increased its stake in shares of Magnachip Semiconductor by 4.7% in the second quarter. American Century Companies Inc. now owns 76,312 shares of the semiconductor company’s stock worth $304,000 after buying an additional 3,451 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Magnachip Semiconductor by 78.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 271,381 shares of the semiconductor company’s stock valued at $1,080,000 after acquiring an additional 119,269 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Magnachip Semiconductor by 70.3% in the second quarter. Marshall Wace LLP now owns 699,525 shares of the semiconductor company’s stock valued at $2,784,000 after acquiring an additional 288,664 shares in the last quarter. Institutional investors and hedge funds 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.