Needham & Company LLC Trims Magnachip Semiconductor (NYSE:MX) Target Price to $8.00

Magnachip Semiconductor (NYSE:MX) had its price objective cut by Needham & Company LLC from $10.00 to $8.00 in a report issued on Friday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Separately, StockNews.com upgraded shares of Magnachip Semiconductor from a sell rating to a hold rating in a report on Saturday, March 9th.

Magnachip Semiconductor Stock Performance

MX stock traded up $0.08 during trading on Friday, reaching $5.17. The company had a trading volume of 302,750 shares, compared to its average volume of 410,387. The company has a market cap of $197.80 million, a price-to-earnings ratio of -6.62 and a beta of 0.77. Magnachip Semiconductor has a twelve month low of $4.70 and a twelve month high of $11.68. The firm has a 50-day simple moving average of $5.41 and a 200-day simple moving average of $6.45.

Magnachip Semiconductor (NYSE:MX) last issued its earnings results on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.08. The company had revenue of $50.82 million during the quarter, compared to analyst estimates of $52.45 million. Magnachip Semiconductor had a negative return on equity of 8.16% and a negative net margin of 13.76%. During the same quarter last year, the business posted ($0.39) EPS. Sell-side analysts expect that Magnachip Semiconductor will post -1.4 earnings per share for the current year.

Institutional Trading of Magnachip Semiconductor

Several hedge funds and other institutional investors have recently bought and sold shares of MX. Tower Research Capital LLC TRC raised its position in shares of Magnachip Semiconductor by 808.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,496 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 3,111 shares during the period. Quantbot Technologies LP purchased a new position in shares of Magnachip Semiconductor in the 3rd quarter valued at about $36,000. Allspring Global Investments Holdings LLC raised its holdings in Magnachip Semiconductor by 177.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 2,994 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Magnachip Semiconductor by 36.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the semiconductor company’s stock worth $84,000 after purchasing an additional 3,024 shares in the last quarter. Finally, J.W. Cole Advisors Inc. acquired a new stake in Magnachip Semiconductor in the fourth quarter valued at approximately $105,000. 74.26% of the stock is owned by institutional investors and hedge funds.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.