MaxLinear (NYSE:MXL) Announces Earnings Results

MaxLinear (NYSE:MXL) announced its earnings results on Wednesday. The semiconductor company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.02, reports. The company had revenue of $95.27 million during the quarter, compared to analyst estimates of $94.99 million. MaxLinear had a negative net margin of 28.70% and a negative return on equity of 4.75%. MaxLinear updated its Q2 2024 guidance to EPS.

MaxLinear Stock Down 0.4 %

Shares of NYSE:MXL traded down $0.09 during trading on Friday, hitting $20.59. 843,599 shares of the company were exchanged, compared to its average volume of 1,096,932. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.99 and a quick ratio of 1.75. MaxLinear has a 12-month low of $13.43 and a 12-month high of $35.09. The firm’s 50 day moving average price is $19.92 and its 200-day moving average price is $19.94. The stock has a market capitalization of $1.69 billion, a P/E ratio of -10.89 and a beta of 1.98.

Institutional Trading of MaxLinear

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in shares of MaxLinear by 97.1% during the third quarter. Invesco Ltd. now owns 3,482,949 shares of the semiconductor company’s stock worth $77,496,000 after purchasing an additional 1,716,026 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of MaxLinear by 12.6% in the third quarter. Vanguard Group Inc. now owns 10,683,038 shares of the semiconductor company’s stock valued at $237,698,000 after acquiring an additional 1,199,257 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of MaxLinear by 423.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 657,157 shares of the semiconductor company’s stock worth $14,622,000 after acquiring an additional 531,529 shares during the period. Assenagon Asset Management S.A. purchased a new position in MaxLinear during the fourth quarter worth about $7,553,000. Finally, Managed Asset Portfolios LLC acquired a new stake in MaxLinear in the third quarter valued at about $5,675,000. 90.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MXL. Benchmark reiterated a “buy” rating and issued a $28.00 target price on shares of MaxLinear in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of MaxLinear in a research note on Thursday. StockNews.com lowered MaxLinear from a “hold” rating to a “sell” rating in a research note on Thursday. Wells Fargo & Company downgraded MaxLinear from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $35.00 to $25.00 in a research report on Wednesday, January 3rd. Finally, Northland Securities raised shares of MaxLinear from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.09.

About MaxLinear

MaxLinear, Inc provides communications systems-on-chip solutions worldwide. Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management.