Magnachip Semiconductor (NYSE:MX) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Magnachip to a "strong-buy" from a "hold," while Weiss Ratings reiterated a sell; the consensus from analysts is a "Moderate Buy" with a $5.50 target price.
• Magnachip beat Q results (EPS loss of $0.08 vs. -$0.32 expected) and posted $40.57M revenue, but remains unprofitable with a negative net margin and analysts forecast -1.22 EPS for the fiscal year.
• Shares trade around $2.78 with a market cap near $101M, a 52-week range of $2.18–$4.57, a negative P/E, and about 74% institutional ownership.

Magnachip Semiconductor (NYSE:MX - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reiterated a "sell (e+)" rating on shares of Magnachip Semiconductor in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Magnachip Semiconductor has an average rating of "Moderate Buy" and a consensus target price of $5.50.

Magnachip Semiconductor Stock Performance

Shares of NYSE MX opened at $2.78 on Monday. The business's 50-day simple moving average is $2.88 and its 200-day simple moving average is $2.87. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.50 and a current ratio of 4.07. 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 $101.12 million, a price-to-earnings ratio of -3.43 and a beta of 1.02.

Magnachip Semiconductor (NYSE:MX - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor company reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.32) by $0.24. Magnachip Semiconductor had a negative net margin of 16.62% and a negative return on equity of 4.56%. The company had revenue of $40.57 million for the quarter, compared to analyst estimates of $40.50 million. As a group, equities research analysts expect that Magnachip Semiconductor will post -1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnachip Semiconductor

Several large investors have recently bought and sold shares of the stock. LPL Financial LLC bought a new stake in Magnachip Semiconductor in the 4th quarter valued at $30,000. Sei Investments Co. bought a new position in shares of Magnachip Semiconductor during the 2nd quarter worth about $61,000. ProShare Advisors LLC acquired a new position in shares of Magnachip Semiconductor during the second quarter valued at about $73,000. NewEdge Advisors LLC bought a new stake in shares of Magnachip Semiconductor in the second quarter valued at about $74,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Magnachip Semiconductor in the second quarter valued at about $81,000. 74.26% of the stock is currently owned by institutional investors and hedge funds.

About Magnachip Semiconductor

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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