Ergoteles LLC Purchases New Holdings in Magnachip Semiconductor Co. (NYSE:MX)

Ergoteles LLC acquired a new stake in shares of Magnachip Semiconductor Co. (NYSE:MX – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,683 shares of the semiconductor company’s stock, valued at approximately $171,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Citigroup Inc. boosted its stake in shares of Magnachip Semiconductor by 95.2% during the 1st quarter. Citigroup Inc. now owns 1,503 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 733 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Magnachip Semiconductor during the second quarter worth $28,000. Newbridge Financial Services Group Inc. raised its holdings in Magnachip Semiconductor by 288.2% during the third quarter. Newbridge Financial Services Group Inc. now owns 3,300 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 2,450 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Magnachip Semiconductor by 5,430.0% during the first quarter. BNP Paribas Arbitrage SA now owns 2,212 shares of the semiconductor company’s stock valued at $37,000 after buying an additional 2,172 shares in the last quarter. Finally, Quent Capital LLC bought a new position in shares of Magnachip Semiconductor in the second quarter worth about $44,000. Institutional investors and hedge funds own 69.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price objective on shares of Magnachip Semiconductor in a report on Friday, February 17th. Royal Bank of Canada boosted their price objective on shares of Magnachip Semiconductor from $45.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Monday, February 6th.

Magnachip Semiconductor Stock Performance

Shares of MX stock opened at $9.34 on Wednesday. The firm’s 50-day moving average is $10.15 and its 200-day moving average is $10.22. The stock has a market cap of $406.66 million, a price-to-earnings ratio of -51.89, a PEG ratio of 2.54 and a beta of 0.98. Magnachip Semiconductor Co. has a 52-week low of $8.45 and a 52-week high of $20.64.

About Magnachip Semiconductor

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MagnaChip Semiconductor Corp. engages in the design and manufacture of analog and mixed-signal platform solutions for communications, Internet of Things (IoT) applications, consumer, industrial, and automotive applications. Its products include MOSFETs; IGBTs; AC-DC/DC-DC converters; light-emitting diode (LED) drivers; regulators; power management integrated circuits (PMICs); and industrial applications such as power suppliers, e-bikes, photovoltaic inverters, LED lighting, and motor drives.