Magnachip Semiconductor Corp. (NYSE:MX) dropped 1.7% on Thursday . The stock traded as low as $5.57 and last traded at $5.63, with a volume of 79,662 shares. The stock had previously closed at $5.73.

MX has been the topic of several recent research reports. Topeka Capital Markets upped their target price on shares of Magnachip Semiconductor Corp. from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Friday, May 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Magnachip Semiconductor Corp. in a research note on Sunday, May 8th.

The company has a 50-day moving average of $5.63 and a 200-day moving average of $5.05. The stock’s market capitalization is $197.78 million.

A hedge fund recently raised its stake in Magnachip Semiconductor Corp. stock. Cypress Funds LLC raised its stake in shares of Magnachip Semiconductor Corp. (NYSE:MX) by 26.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,161,111 shares of the company’s stock after buying an additional 451,111 shares during the period. Magnachip Semiconductor Corp. accounts for about 2.9% of Cypress Funds LLC’s portfolio, making the stock its 17th largest position. Cypress Funds LLC owned approximately 6.25% of Magnachip Semiconductor Corp. worth $11,432,000 at the end of the most recent quarter.

MagnaChip Semiconductor Corporation is a holding company, which 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 operates through three business lines: Display Solutions, Power Solutions and Semiconductor Manufacturing Services.

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