Magnachip Semiconductor Corp. (NYSE:MX) Short Interest Down 23.6% in April

Key Points

• Short interest down 23.6% — as of April 15 short interest fell to 151,391 shares from 198,199 on March 31, representing about 0.4% of shares and a short‑interest ratio of 0.6 days.
• Shares plunged 33.6% to $3.24 on heavy volume, despite the company beating EPS estimates (reported ($0.11) vs. consensus ($0.22)) and posting revenue of $46.21 million in the quarter.
• Analyst sentiment is mixed but consensus is "Moderate Buy" with a $5.50 average target, and institutional investors hold roughly 74.26% of the company's shares.

Magnachip Semiconductor Corp. (NYSE:MX - Get Free Report) saw a significant decrease in short interest in April. As of April 15th, there was short interest totaling 151,391 shares, a decrease of 23.6% from the March 31st total of 198,199 shares. Based on an average daily volume of 255,837 shares, the short-interest ratio is presently 0.6 days. Approximately 0.4% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Zacks Research upgraded Magnachip Semiconductor from a "hold" rating to a "strong-buy" rating in a report on Monday, March 16th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Magnachip Semiconductor in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $5.50.

Magnachip Semiconductor Trading Down 33.6%

Shares of MX traded down $1.64 during mid-day trading on Wednesday, reaching $3.24. The company had a trading volume of 4,025,679 shares, compared to its average volume of 642,895. The firm has a fifty day simple moving average of $3.06 and a 200-day simple moving average of $2.89. Magnachip Semiconductor has a fifty-two week low of $2.18 and a fifty-two week high of $5.64. The company has a current ratio of 4.07, a quick ratio of 3.29 and a debt-to-equity ratio of 0.18. The stock has a market cap of $117.88 million, a price-to-earnings ratio of -3.98 and a beta of 0.87.

Magnachip Semiconductor (NYSE:MX - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.11. Magnachip Semiconductor had a negative return on equity of 4.56% and a negative net margin of 16.62%.The company had revenue of $46.21 million during the quarter, compared to analyst estimates of $46.00 million. On average, sell-side analysts anticipate that Magnachip Semiconductor will post -0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnachip Semiconductor

A number of institutional investors and hedge funds have recently bought and sold shares of MX. Lepercq De Neuflize Asset Management LLC purchased a new position in shares of Magnachip Semiconductor in the third quarter valued at $3,215,000. GSA Capital Partners LLP boosted its stake in shares of Magnachip Semiconductor by 4.9% during the 3rd quarter. GSA Capital Partners LLP now owns 285,045 shares of the semiconductor company's stock valued at $892,000 after buying an additional 13,294 shares during the last quarter. American Century Companies Inc. boosted its stake in Magnachip Semiconductor by 4.7% during the 2nd quarter. American Century Companies Inc. now owns 76,312 shares of the semiconductor company's stock valued at $304,000 after acquiring an additional 3,451 shares during the last quarter. Jump Financial LLC raised its stake in shares of Magnachip Semiconductor by 58.6% in the 4th quarter. Jump Financial LLC now owns 100,451 shares of the semiconductor company's stock valued at $256,000 after purchasing an additional 37,119 shares in the last quarter. Finally, Algert Global LLC raised its stake in Magnachip Semiconductor by 44.7% during the third quarter. Algert Global LLC now owns 29,455 shares of the semiconductor company's stock valued at $92,000 after buying an additional 9,100 shares in the last quarter. Hedge funds and other institutional investors own 74.26% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.