Needham & Company LLC Lowers Magnachip Semiconductor (NYSE:MX) Price Target to $8.00

Magnachip Semiconductor (NYSE:MX) had its price objective cut by Needham & Company LLC from $10.00 to $8.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Separately, StockNews.com upgraded Magnachip Semiconductor from a sell rating to a hold rating in a research report on Saturday, March 9th.

Magnachip Semiconductor Price Performance

MX traded up $0.08 during midday trading on Friday, reaching $5.17. 302,750 shares of the company’s stock were exchanged, compared to its average volume of 410,387. Magnachip Semiconductor has a 1-year low of $4.70 and a 1-year high of $11.68. The stock has a market capitalization of $197.80 million, a PE ratio of -6.62 and a beta of 0.77. The business’s 50-day moving average price is $5.41 and its 200 day moving average price is $6.45.

Magnachip Semiconductor (NYSE:MX) last posted its earnings results on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.08. The firm had revenue of $50.82 million for the quarter, compared to analyst estimates of $52.45 million. Magnachip Semiconductor had a negative return on equity of 8.16% and a negative net margin of 13.76%. During the same quarter in the prior year, the company earned ($0.39) EPS. As a group, analysts expect that Magnachip Semiconductor will post -1.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnachip Semiconductor

Several hedge funds have recently made changes to their positions in the business. Aigen Investment Management LP acquired a new position in shares of Magnachip Semiconductor in the 3rd quarter valued at $125,000. J.W. Cole Advisors Inc. acquired a new stake in Magnachip Semiconductor during the fourth quarter worth about $105,000. Altfest L J & Co. Inc. purchased a new position in shares of Magnachip Semiconductor in the 4th quarter worth about $165,000. Covestor Ltd raised its holdings in shares of Magnachip Semiconductor by 16.4% in the 3rd quarter. Covestor Ltd now owns 44,696 shares of the semiconductor company’s stock worth $371,000 after purchasing an additional 6,307 shares during the period. Finally, Polunin Capital Partners Ltd lifted its stake in shares of Magnachip Semiconductor by 72.4% in the 4th quarter. Polunin Capital Partners Ltd now owns 375,495 shares of the semiconductor company’s stock valued at $2,816,000 after purchasing an additional 157,683 shares in the last quarter. Institutional investors and hedge funds own 74.26% of the company’s stock.

Magnachip Semiconductor Company Profile

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, computing, 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, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.