Magnachip Semiconductor (NYSE:MX) Upgraded at Wall Street Zen

Key Points

• Magnachip Semiconductor has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, signaling a shift in analyst sentiment towards the stock.
• Needham & Company has lowered its price target for Magnachip from $6.00 to $5.50 while maintaining a "buy" rating.
• Notable insider purchases include Shin Young Park acquiring 10,000 shares and Camillo Martino acquiring 30,000 shares, suggesting increased confidence in the company's future prospects.

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

Separately, Needham & Company LLC lowered their price target on shares of Magnachip Semiconductor from $6.00 to $5.50 and set a "buy" rating on the stock in a report on Friday, August 1st. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Magnachip Semiconductor has an average rating of "Buy" and an average target price of $5.50.

Magnachip Semiconductor Stock Performance

NYSE MX traded up $0.09 during mid-day trading on Friday, reaching $3.33. 233,007 shares of the stock were exchanged, compared to its average volume of 248,975. The business's 50 day moving average is $3.32 and its 200-day moving average is $3.50. Magnachip Semiconductor has a 1 year low of $2.51 and a 1 year high of $5.16. The company has a market capitalization of $119.61 million, a P/E ratio of -3.58 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.77 and a current ratio of 4.65.

Insiders Place Their Bets

In other Magnachip Semiconductor news, insider Camillo Martino bought 30,000 shares of Magnachip Semiconductor stock in a transaction dated Friday, August 22nd. The stock was acquired at an average cost of $2.84 per share, for a total transaction of $85,200.00. Following the completion of the transaction, the insider directly owned 259,127 shares of the company's stock, valued at approximately $735,920.68. This represents a 13.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Shin Young Park bought 10,000 shares of Magnachip Semiconductor stock in a transaction dated Monday, August 25th. The stock was acquired at an average price of $2.87 per share, with a total value of $28,700.00. Following the completion of the transaction, the insider directly owned 251,786 shares of the company's stock, valued at approximately $722,625.82. The trade was a 4.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Magnachip Semiconductor

Hedge funds have recently modified their holdings of the business. OneDigital Investment Advisors LLC acquired a new stake in shares of Magnachip Semiconductor in the first quarter valued at about $35,000. Sei Investments Co. acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at about $61,000. ProShare Advisors LLC acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at about $73,000. NewEdge Advisors LLC acquired a new stake in shares of Magnachip Semiconductor in the second quarter valued at about $74,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired 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.

Magnachip Semiconductor Company Profile

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.