Magnachip Semiconductor (NYSE:MX) Downgraded by StockNews.com to Sell

Magnachip Semiconductor (NYSE:MX) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

Several other analysts have also recently issued reports on the company. Needham & Company LLC dropped their target price on Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Barclays upgraded Magnachip Semiconductor to a “hold” rating in a report on Tuesday, September 10th.

Magnachip Semiconductor Price Performance

Shares of MX traded up $0.03 during trading hours on Tuesday, hitting $4.65. 81,050 shares of the stock were exchanged, compared to its average volume of 300,841. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.34 and a current ratio of 5.03. Magnachip Semiconductor has a 12-month low of $4.25 and a 12-month high of $8.50. The company has a market cap of $177.95 million, a price-to-earnings ratio of -5.96 and a beta of 0.64. The stock’s 50-day moving average price is $4.90 and its two-hundred day moving average price is $5.06.

Magnachip Semiconductor (NYSE:MX) last issued its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.37) by $0.13. The firm had revenue of $53.17 million during the quarter, compared to analysts’ expectations of $51.45 million. Magnachip Semiconductor had a negative return on equity of 10.29% and a negative net margin of 18.49%. Research analysts expect that Magnachip Semiconductor will post -1.13 earnings per share for the current year.

Hedge Funds Weigh In On Magnachip Semiconductor

A number of hedge funds have recently modified their holdings of MX. Allspring Global Investments Holdings LLC lifted its stake in Magnachip Semiconductor by 177.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 2,994 shares in the last quarter. Founders Capital Management acquired a new position in Magnachip Semiconductor during the 2nd quarter worth about $29,000. Citizens Financial Group Inc. RI acquired a new position in Magnachip Semiconductor during the 1st quarter worth about $89,000. Algert Global LLC lifted its stake in Magnachip Semiconductor by 15.0% during the 2nd quarter. Algert Global LLC now owns 18,944 shares of the semiconductor company’s stock worth $92,000 after acquiring an additional 2,470 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in Magnachip Semiconductor during the 4th quarter worth about $114,000. 74.26% of the stock is currently owned by hedge funds and other institutional investors.

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.