Magnachip Semiconductor (NYSE:MX) Downgraded to Sell Rating by Wall Street Zen

Key Points

• Magnachip Semiconductor has been downgraded from a "hold" to a "sell" rating by Wall Street Zen as of Saturday.
• Needham & Company also lowered its price target from $6.00 to $5.50 while maintaining a "buy" rating on the stock.
• Shares of Magnachip have decreased by 27.8%, currently opening at $2.96 with a market capitalization of $106.75 million.

Wall Street Zen cut shares of Magnachip Semiconductor (NYSE:MX - Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday.

Separately, Needham & Company LLC cut their price objective on shares of Magnachip Semiconductor from $6.00 to $5.50 and set a "buy" rating on the stock in a research report on Friday, August 1st.

Magnachip Semiconductor Trading Down 3.4%

Shares of NYSE MX traded down $0.10 on Friday, reaching $2.74. 291,871 shares of the company traded hands, compared to its average volume of 244,948. Magnachip Semiconductor has a fifty-two week low of $2.51 and a fifty-two week high of $5.16. The company has a 50 day moving average of $3.91 and a 200 day moving average of $3.83. The company has a current ratio of 4.51, a quick ratio of 3.83 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $98.62 million, a PE ratio of -2.94 and a beta of 0.84.

Hedge Funds Weigh In On Magnachip Semiconductor

Institutional investors have recently modified their holdings of the company. OneDigital Investment Advisors LLC bought a new stake in shares of Magnachip Semiconductor during the first quarter worth $35,000. Hsbc Holdings PLC acquired a new position in Magnachip Semiconductor in the fourth quarter valued at about $47,000. PFG Investments LLC acquired a new stake in shares of Magnachip Semiconductor during the second quarter worth about $129,000. Jane Street Group LLC acquired a new stake in shares of Magnachip Semiconductor during the first quarter worth about $115,000. Finally, XTX Topco Ltd acquired a new stake in shares of Magnachip Semiconductor during the fourth quarter worth about $145,000. Institutional investors own 74.26% of the company's stock.

About Magnachip Semiconductor

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.