Magnachip Semiconductor Corp. (NYSE:MX) Sees Significant Increase in Short Interest

Magnachip Semiconductor Corp. (NYSE:MX) was the target of a significant increase in short interest in May. As of May 29th, there was short interest totaling 766,657 shares, an increase of 123.5% from the May 14th total of 343,084 shares. Based on an average daily volume of 5,026,413 shares, the short-interest ratio is currently 0.2 days. Approximately 2.2% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Lepercq De Neuflize Asset Management LLC acquired a new position in shares of Magnachip Semiconductor during the third quarter worth $3,215,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of Magnachip Semiconductor during the fourth quarter worth $178,000. First Wilshire Securities Management Inc. increased its holdings in shares of Magnachip Semiconductor by 53.8% during the fourth quarter. First Wilshire Securities Management Inc. now owns 732,857 shares of the semiconductor company’s stock worth $1,869,000 after buying an additional 256,211 shares in the last quarter. Potomac Capital Management Inc. acquired a new position in shares of Magnachip Semiconductor during the fourth quarter worth $987,000. Finally, Centiva Capital LP acquired a new position in shares of Magnachip Semiconductor during the third quarter worth $237,000. 74.26% of the stock is currently owned by institutional investors and hedge funds.

Magnachip Semiconductor Stock Up 0.6%

Shares of NYSE:MX opened at $6.29 on Friday. The company has a fifty day moving average of $4.83 and a 200-day moving average of $3.52. The company has a market capitalization of $229.13 million, a PE ratio of -8.98 and a beta of 1.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.91 and a current ratio of 2.37. Magnachip Semiconductor has a 52-week low of $2.18 and a 52-week high of $9.86.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on MX. Wall Street Zen upgraded shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded shares of Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 4th. Finally, Zacks Research downgraded shares of Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.50.

About Magnachip Semiconductor

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.