MaxLinear (NASDAQ:MXL) Stock Price Down 5.3% – Here’s What Happened

Shares of MaxLinear, Inc (NASDAQ:MXL) dropped 5.3% on Tuesday . The stock traded as low as $56.47 and last traded at $56.7560. 282,546 shares were traded during trading, a decline of 91% from the average daily volume of 3,116,958 shares. The stock had previously closed at $59.91.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Northland Securities set a $110.00 target price on MaxLinear in a research report on Wednesday, June 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of MaxLinear in a report on Friday, July 17th. Susquehanna upped their price objective on shares of MaxLinear from $45.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, July 24th. Roth Capital increased their price objective on shares of MaxLinear from $60.00 to $100.00 and gave the company a “buy” rating in a report on Friday, July 24th. Finally, Benchmark began coverage on shares of MaxLinear in a research report on Wednesday, May 27th. They issued a “buy” rating and a $125.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $85.00.

MaxLinear Stock Up 4.4%

The firm has a market cap of $5.45 billion, a price-to-earnings ratio of -50.50 and a beta of 3.93. The business has a fifty day simple moving average of $77.99 and a 200 day simple moving average of $59.75. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.15.

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

Insider Transactions at MaxLinear

In other MaxLinear news, CEO Kishore Seendripu sold 351,454 shares of MaxLinear stock in a transaction on Monday, August 17th. The shares were sold at an average price of $85.95, for a total transaction of $30,207,471.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 7.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MaxLinear

Hedge funds and other institutional investors have recently modified their holdings of the business. Pure Financial Advisors LLC purchased a new position in MaxLinear in the 4th quarter worth approximately $1,424,000. HighTower Advisors LLC boosted its holdings in shares of MaxLinear by 1.7% during the 4th quarter. HighTower Advisors LLC now owns 656,319 shares of the semiconductor company’s stock worth $11,440,000 after purchasing an additional 10,948 shares during the last quarter. Pictet Asset Management Holding SA purchased a new stake in shares of MaxLinear in the fourth quarter valued at approximately $190,000. Assenagon Asset Management S.A. grew its position in shares of MaxLinear by 110.9% in the second quarter. Assenagon Asset Management S.A. now owns 221,266 shares of the semiconductor company’s stock valued at $28,329,000 after purchasing an additional 116,339 shares in the last quarter. Finally, AIGH Capital Management LLC acquired a new stake in shares of MaxLinear in the second quarter valued at approximately $104,729,000. 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.