Magnachip Semiconductor (NYSE:MX) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Magnachip Semiconductor Corp. (NYSE:MX) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.05 and traded as high as $5.83. Magnachip Semiconductor shares last traded at $5.5130, with a volume of 2,554,754 shares.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MX shares. Zacks Research lowered shares of Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Weiss Ratings raised shares of Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Magnachip Semiconductor has a consensus rating of “Hold” and a consensus target price of $5.50.

Magnachip Semiconductor Stock Up 16.1%

The business has a fifty day moving average of $3.68 and a 200 day moving average of $3.08. The company has a market capitalization of $233.58 million, a PE ratio of -9.16 and a beta of 1.00. The company has a current ratio of 2.37, a quick ratio of 1.91 and a debt-to-equity ratio of 0.07.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. Magnachip Semiconductor had a negative return on equity of 4.68% and a negative net margin of 14.14%.The company had revenue of $46.21 million during the quarter, compared to analysts’ expectations of $46.00 million.

Hedge Funds Weigh In On Magnachip Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FourWorld Capital Management LLC boosted its position in Magnachip Semiconductor by 667.1% in the 1st quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company’s stock valued at $4,642,000 after buying an additional 1,441,593 shares during the period. Renaissance Technologies LLC purchased a new position in shares of Magnachip Semiconductor in the 1st quarter valued at about $99,000. First Wilshire Securities Management Inc. lifted its stake in Magnachip Semiconductor by 1.5% in the first quarter. First Wilshire Securities Management Inc. now owns 743,953 shares of the semiconductor company’s stock worth $2,083,000 after acquiring an additional 11,096 shares during the last quarter. Lepercq De Neuflize Asset Management LLC lifted its stake in Magnachip Semiconductor by 162.3% in the fourth quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock worth $6,871,000 after acquiring an additional 1,667,434 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Magnachip Semiconductor in the fourth quarter worth approximately $65,000. Hedge funds and other institutional investors own 74.26% of the company’s stock.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.