MaxLinear (NASDAQ:MXL) Trading Down 4.6% – Here’s What Happened

MaxLinear, Inc (NASDAQ:MXL)’s stock price dropped 4.6% during mid-day trading on Monday . The stock traded as low as $67.11 and last traded at $68.33. Approximately 987,134 shares were traded during trading, a decline of 69% from the average session volume of 3,208,914 shares. The stock had previously closed at $71.59.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Wells Fargo & Company boosted their target price on MaxLinear from $42.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Wall Street Zen raised MaxLinear from a “hold” rating to a “buy” rating in a report on Sunday. Roth Capital boosted their price objective on MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. Susquehanna boosted their price objective on MaxLinear from $45.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Northland Securities set a $110.00 price objective on shares of MaxLinear in a research report on Wednesday, June 3rd. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $85.00.

MaxLinear Stock Down 11.3%

The company has a market cap of $5.69 billion, a P/E ratio of -53.04 and a beta of 3.91. The stock has a 50-day moving average of $90.16 and a two-hundred day moving average of $50.11. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.15 and a current ratio of 1.78.

MaxLinear (NASDAQ:MXL) last issued its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $168.85 million for the quarter, compared to analysts’ expectations of $164.64 million. MaxLinear had a negative net margin of 18.24% and a positive return on equity of 2.24%. The business’s quarterly revenue was up 55.2% on a year-over-year basis. During the same period last year, the business earned $0.02 earnings per share. On average, research analysts anticipate that MaxLinear, Inc will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling at MaxLinear

In other news, Director Thomas E. Pardun sold 11,000 shares of MaxLinear stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $105.00, for a total value of $1,155,000.00. Following the transaction, the director owned 55,252 shares in the company, valued at approximately $5,801,460. The trade was a 16.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Connie H. Kwong sold 35,000 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $96.96, for a total value of $3,393,600.00. Following the completion of the sale, the insider directly owned 13,947 shares of the company’s stock, valued at approximately $1,352,301.12. This trade represents a 71.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 50,118 shares of company stock valued at $4,787,444 over the last three months. 7.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MXL. Handelsbanken Fonder AB grew its stake in shares of MaxLinear by 7.4% in the second quarter. Handelsbanken Fonder AB now owns 39,381 shares of the semiconductor company’s stock worth $5,042,000 after purchasing an additional 2,700 shares during the last quarter. Carolina Wealth Advisors LLC purchased a new position in shares of MaxLinear during the second quarter valued at approximately $47,000. World Equity Group Inc. bought a new position in shares of MaxLinear during the second quarter valued at approximately $285,000. Arista Wealth Management LLC bought a new position in shares of MaxLinear during the second quarter valued at approximately $387,000. Finally, UNICOM Systems Inc. bought a new position in shares of MaxLinear during the second quarter valued at approximately $14,711,000. 90.79% of the stock is owned by hedge funds and other institutional investors.

About MaxLinear

MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company’s product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.

MaxLinear’s semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.