MagnaChip Semiconductor Corporation (NYSE:MX) Earns “Buy” Rating from Needham & Company LLC

MagnaChip Semiconductor Corporation (NYSE:MX)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Thursday, November 2nd. They currently have a $15.00 target price on the semiconductor company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 18.11% from the company’s previous close.

The analysts wrote, “We believe that the timing mismatch of OLED technologies that negatively impacted MX’s growth is behind us –we see a clear path towards 50% Y/Y OLED DDIC growth in 2018 as MX’s OLED roadmap now has products hitting production. The company is also experiencing double-digit growth in power products as well as foundry GM improvements. This quarter, MX achieved revenue higher than its estimated mid-point (despite foundry power outage impact) and saw the benefits of cost cuts/profitability initiatives – adj. EBITDA for the first 9 months of the year doubled Y/Y to $58.1M from $26.6M.””

MX has been the topic of several other research reports. BidaskClub lowered MagnaChip Semiconductor Corporation from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. Zacks Investment Research lowered MagnaChip Semiconductor Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Citigroup Inc. increased their target price on MagnaChip Semiconductor Corporation from $10.50 to $11.00 and gave the stock a “neutral” rating in a research note on Monday, August 7th. Finally, ValuEngine lowered MagnaChip Semiconductor Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. MagnaChip Semiconductor Corporation has a consensus rating of “Hold” and a consensus price target of $12.67.

Shares of MagnaChip Semiconductor Corporation (MX) traded down $0.15 during trading on Thursday, hitting $12.70. The stock had a trading volume of 588,235 shares, compared to its average volume of 459,793. MagnaChip Semiconductor Corporation has a twelve month low of $6.00 and a twelve month high of $13.40. The company has a current ratio of 2.42, a quick ratio of 1.96 and a debt-to-equity ratio of -4.96.

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Hedge funds and other institutional investors have recently modified their holdings of the business. Menta Capital LLC increased its holdings in MagnaChip Semiconductor Corporation by 97.6% during the 2nd quarter. Menta Capital LLC now owns 110,696 shares of the semiconductor company’s stock worth $1,085,000 after purchasing an additional 54,679 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of MagnaChip Semiconductor Corporation by 6.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 607,785 shares of the semiconductor company’s stock valued at $5,804,000 after acquiring an additional 34,253 shares during the last quarter. Columbus Circle Investors increased its holdings in shares of MagnaChip Semiconductor Corporation by 46.1% in the 2nd quarter. Columbus Circle Investors now owns 137,708 shares of the semiconductor company’s stock valued at $1,350,000 after acquiring an additional 43,445 shares during the last quarter. Rubric Capital Management LP increased its holdings in shares of MagnaChip Semiconductor Corporation by 13.2% in the 2nd quarter. Rubric Capital Management LP now owns 1,925,000 shares of the semiconductor company’s stock valued at $18,865,000 after acquiring an additional 225,000 shares during the last quarter. Finally, Hood River Capital Management LLC increased its holdings in shares of MagnaChip Semiconductor Corporation by 24.0% in the 2nd quarter. Hood River Capital Management LLC now owns 1,570,550 shares of the semiconductor company’s stock valued at $15,391,000 after acquiring an additional 303,818 shares during the last quarter.

About MagnaChip Semiconductor Corporation

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things (IoT) applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile memory and Radio Frequency (RF) applications.

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