MaxLinear (NASDAQ:MXL) Trading 8.2% Higher – Here’s What Happened

MaxLinear, Inc (NASDAQ:MXL)’s stock price shot up 8.2% during mid-day trading on Wednesday . The company traded as high as $75.50 and last traded at $74.7070. 468,555 shares changed hands during trading, a decline of 85% from the average session volume of 3,202,340 shares. The stock had previously closed at $69.02.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MXL shares. Susquehanna lifted their price target on shares of MaxLinear from $45.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Roth Capital increased their price target on MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Loop Capital raised MaxLinear from a “hold” rating to a “buy” rating and lifted their price objective for the company from $17.00 to $75.00 in a report on Wednesday, April 29th. Benchmark started coverage on MaxLinear in a research report on Wednesday, May 27th. They set a “buy” rating and a $125.00 target price for the company. Finally, Wells Fargo & Company increased their target price on MaxLinear from $42.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $85.00.

MaxLinear Price Performance

The firm has a market capitalization of $6.88 billion, a P/E ratio of -63.77 and a beta of 3.95. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. The business’s 50 day moving average is $83.46 and its 200-day moving average is $54.17.

MaxLinear (NASDAQ:MXL) last released its earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $168.85 million during the quarter, compared to analysts’ expectations of $164.64 million. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.The company’s quarterly revenue was up 55.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 earnings per share. As a group, sell-side analysts predict that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Buying and Selling at MaxLinear

In related news, Director Thomas E. Pardun sold 11,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,155,000.00. Following the completion of the sale, the director directly owned 55,252 shares in the company, valued at $5,801,460. This represents a 16.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MXL. BlackRock Inc. bought a new stake in shares of MaxLinear during the second quarter worth $1,754,062,000. Invesco Ltd. lifted its stake in shares of MaxLinear by 419.9% in the 4th quarter. Invesco Ltd. now owns 2,149,589 shares of the semiconductor company’s stock valued at $37,467,000 after acquiring an additional 1,736,141 shares during the last quarter. AIGH Capital Management LLC bought a new position in shares of MaxLinear in the 2nd quarter valued at $104,729,000. Paradigm Capital Management Inc. NY boosted its holdings in shares of MaxLinear by 582.7% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 861,000 shares of the semiconductor company’s stock valued at $15,007,000 after acquiring an additional 734,875 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of MaxLinear by 27.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,889,111 shares of the semiconductor company’s stock valued at $41,054,000 after acquiring an additional 628,719 shares in the last quarter. Institutional investors own 90.79% of the company’s stock.

MaxLinear Company Profile

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.