MaxLinear (NASDAQ:MXL) Stock Jumps 7.4% – Still a Buy?

MaxLinear, Inc (NASDAQ:MXL)’s stock price was up 7.4% on Tuesday. The stock traded as high as $70.74 and last traded at $71.3560. 896,697 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 3,143,697 shares. The stock had previously closed at $66.47.

Analyst Ratings Changes

MXL has been the subject of a number of recent research reports. 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. Weiss Ratings restated a “sell (d-)” rating on shares of MaxLinear in a report on Thursday, October 15th. Stifel Nicolaus boosted their target price on MaxLinear from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Needham & Company LLC upped their price target on MaxLinear from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Finally, Susquehanna set a $70.00 price target on MaxLinear in a report on Friday. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $94.30.

MaxLinear Trading Up 9.9%

The stock has a market cap of $6.63 billion, a PE ratio of -197.50 and a beta of 3.93. The company’s 50-day moving average price is $77.20 and its 200 day moving average price is $58.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.22.

MaxLinear (NASDAQ:MXL) last posted its earnings results on Thursday, October 22nd. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.06. MaxLinear had a positive return on equity of 12.89% and a negative net margin of 4.45%. The company had revenue of $218.06 million during the quarter, compared to analysts’ expectations of $214.95 million. During the same quarter last year, the firm earned $0.14 earnings per share. The firm’s quarterly revenue was up 72.4% compared to the same quarter last year. On average, sell-side analysts forecast that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Kishore Seendripu sold 351,454 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $85.95, for a total value of $30,207,471.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On MaxLinear

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of MaxLinear in the 2nd quarter valued at approximately $1,754,062,000. The Manufacturers Life Insurance Company purchased a new position in shares of MaxLinear during the 2nd quarter worth approximately $165,221,000. AIGH Capital Management LLC purchased a new position in shares of MaxLinear during the 2nd quarter worth approximately $104,729,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in MaxLinear in the 2nd quarter valued at approximately $81,056,000. Finally, Bank of New York Mellon Corp acquired a new stake in MaxLinear in the 2nd quarter valued at approximately $65,213,000. 90.79% of the stock is currently owned by institutional investors and hedge funds.

About MaxLinear

MaxLinear, Inc is a fabless semiconductor company that designs, develops and sells integrated circuits and related solutions for broadband communications, wired and wireless infrastructure, data centers, industrial applications and consumer electronics. Its products are used by equipment manufacturers and service providers to support the transmission, processing and management of voice, video and data.

The company’s portfolio includes broadband access system-on-chip products, Ethernet transceivers and controllers, high-speed interconnect and communications devices, radio-frequency and analog products, optical and copper connectivity solutions, and power-management components.