Magnachip Semiconductor (NYSE:MX) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Magnachip Semiconductor shares moved above their 200-day moving average of $3.92, reaching $4.04 before last trading at $3.8730 on volume of about 1.45 million shares.
• Analyst sentiment remains weak: ratings include one Hold and one Sell, producing an average MarketBeat rating of “Reduce.” The stock’s 50-day moving average of $4.89 is also well above its 200-day average.
• The company beat quarterly EPS expectations, reporting a loss of $0.13 per share versus the expected loss of $0.22, but revenue of $44.7 million fell short of the $46.5 million consensus estimate. Institutional investors own approximately 74.26% of the stock.

Magnachip Semiconductor Corp. (NYSE:MX - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.92 and traded as high as $4.04. Magnachip Semiconductor shares last traded at $3.8730, with a volume of 1,449,550 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MX shares. Wall Street Zen raised shares of Magnachip Semiconductor from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Weiss Ratings restated a "sell (d-)" rating on shares of Magnachip Semiconductor in a research report on Friday, July 31st. Finally, Zacks Research downgraded Magnachip Semiconductor from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce".

Magnachip Semiconductor Stock Performance

The stock's 50-day simple moving average is $4.89 and its 200-day simple moving average is $3.92. The stock has a market cap of $141.14 million, a price-to-earnings ratio of -4.61 and a beta of 1.63. The company has a current ratio of 2.37, a quick ratio of 1.91 and a debt-to-equity ratio of 0.07.

Magnachip Semiconductor (NYSE:MX - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported ($0.13) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.09. The company had revenue of $44.70 million during the quarter, compared to the consensus estimate of $46.50 million. Magnachip Semiconductor had a negative net margin of 17.26% and a negative return on equity of 5.73%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new stake in Magnachip Semiconductor during the second quarter worth about $946,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Magnachip Semiconductor in the 2nd quarter valued at approximately $54,000. FourWorld Capital Management LLC raised its position in shares of Magnachip Semiconductor by 667.1% in the 1st quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company's stock valued at $4,642,000 after buying an additional 1,441,593 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Magnachip Semiconductor during the 1st quarter worth approximately $99,000. Finally, First Wilshire Securities Management Inc. lifted its holdings in shares of Magnachip Semiconductor by 1.5% during the 1st quarter. First Wilshire Securities Management Inc. now owns 743,953 shares of the semiconductor company's stock worth $2,083,000 after acquiring an additional 11,096 shares during the period. Institutional investors and hedge funds 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.

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