Magnachip Semiconductor (NYSE:MX) Issues Earnings Results, Beats Expectations By $0.24 EPS

Magnachip Semiconductor (NYSE:MX) released its quarterly earnings data on Wednesday. The semiconductor company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.24, FiscalAI reports. Magnachip Semiconductor had a negative net margin of 18.84% and a negative return on equity of 2.93%.

Magnachip Semiconductor Stock Down 1.1%

NYSE MX traded down $0.03 during trading hours on Wednesday, hitting $2.69. 342,648 shares of the company were exchanged, compared to its average volume of 351,335. The company has a 50 day moving average of $2.85 and a two-hundred day moving average of $2.88. The company has a quick ratio of 3.50, a current ratio of 4.32 and a debt-to-equity ratio of 0.15. Magnachip Semiconductor has a 52-week low of $2.18 and a 52-week high of $4.57. The firm has a market cap of $96.79 million, a price-to-earnings ratio of -2.61 and a beta of 1.02.

Hedge Funds Weigh In On Magnachip Semiconductor

Several large investors have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in Magnachip Semiconductor during the 4th quarter valued at approximately $65,000. Quadrature Capital Ltd raised its stake in shares of Magnachip Semiconductor by 57.0% during the 4th quarter. Quadrature Capital Ltd now owns 24,420 shares of the semiconductor company’s stock worth $62,000 after buying an additional 8,863 shares during the last quarter. Millennium Management LLC raised its position in Magnachip Semiconductor by 13.6% during the fourth quarter. Millennium Management LLC now owns 288,837 shares of the semiconductor company’s stock worth $737,000 after acquiring an additional 34,582 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in Magnachip Semiconductor in the 4th quarter valued at approximately $69,000. Finally, FourWorld Capital Management LLC purchased a new stake in shares of Magnachip Semiconductor in the fourth quarter valued at $551,000. Institutional investors and hedge funds own 74.26% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen cut Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Magnachip Semiconductor in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $5.50.

Magnachip Semiconductor Company Profile

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.