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

Magnachip Semiconductor Co. (NYSE:MXGet Rating) was the recipient of a large growth in short interest in the month of April. As of April 30th, there was short interest totalling 1,410,000 shares, a growth of 21.6% from the April 15th total of 1,160,000 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average trading volume of 535,900 shares, the days-to-cover ratio is currently 2.6 days.

MX has been the subject of a number of recent analyst reports. StockNews.com cut Magnachip Semiconductor from a “buy” rating to a “hold” rating in a report on Monday, May 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnachip Semiconductor in a research note on Wednesday, May 4th. Roth Capital reiterated a “buy” rating on shares of Magnachip Semiconductor in a report on Wednesday, May 4th. Finally, Zacks Investment Research upgraded Magnachip Semiconductor from a “strong sell” rating to a “hold” rating in a report on Thursday, March 10th.

NYSE MX traded up $2.24 during trading hours on Wednesday, hitting $19.57. 64,878 shares of the company traded hands, compared to its average volume of 691,750. Magnachip Semiconductor has a twelve month low of $14.66 and a twelve month high of $26.90. The business’s 50-day moving average is $16.61 and its 200-day moving average is $17.88. The stock has a market capitalization of $878.50 million, a price-to-earnings ratio of 12.81, a P/E/G ratio of 0.92 and a beta of 0.95.

Magnachip Semiconductor (NYSE:MXGet Rating) last posted its earnings results on Tuesday, May 3rd. The semiconductor company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.04. Magnachip Semiconductor had a return on equity of 10.61% and a net margin of 16.19%. During the same quarter in the prior year, the company earned $0.18 earnings per share. As a group, research analysts forecast that Magnachip Semiconductor will post 0.67 EPS for the current fiscal year.

In related news, insider Woung Moo Lee sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $18.58, for a total transaction of $130,060.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Young-Joon Kim bought 5,460 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The shares were bought at an average price of $17.37 per share, with a total value of $94,840.20. The disclosure for this purchase can be found here. Company insiders own 4.10% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MX. Wells Fargo & Company MN raised its stake in Magnachip Semiconductor by 675.1% in the second quarter. Wells Fargo & Company MN now owns 54,973 shares of the semiconductor company’s stock valued at $1,312,000 after purchasing an additional 47,881 shares in the last quarter. BlackRock Inc. raised its stake in Magnachip Semiconductor by 1.4% in the third quarter. BlackRock Inc. now owns 142,532 shares of the semiconductor company’s stock valued at $2,531,000 after purchasing an additional 2,024 shares in the last quarter. Barclays PLC raised its stake in Magnachip Semiconductor by 11.6% in the third quarter. Barclays PLC now owns 110,380 shares of the semiconductor company’s stock valued at $1,960,000 after purchasing an additional 11,511 shares in the last quarter. Alliancebernstein L.P. raised its stake in Magnachip Semiconductor by 15.9% in the third quarter. Alliancebernstein L.P. now owns 1,853,418 shares of the semiconductor company’s stock valued at $32,917,000 after purchasing an additional 254,503 shares in the last quarter. Finally, AlphaCrest Capital Management LLC acquired a new position in Magnachip Semiconductor in the third quarter valued at about $221,000. 70.88% of the stock is owned by institutional investors and hedge funds.

Magnachip Semiconductor Company Profile (Get Rating)

Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, notebook PCs, monitors and liquid crystal displays, and micro light-emitting diode (LED) televisions.

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