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 published on Saturday.

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

Magnachip Semiconductor Price Performance

Magnachip Semiconductor stock traded up $0.06 during midday trading on Friday, reaching $3.17. The company's stock had a trading volume of 244,048 shares, compared to its average volume of 245,435. Magnachip Semiconductor has a 52 week low of $2.51 and a 52 week high of $5.16. The company has a current ratio of 4.65, a quick ratio of 3.77 and a debt-to-equity ratio of 0.14. The business has a 50-day moving average price of $3.37 and a 200-day moving average price of $3.51. The stock has a market cap of $113.69 million, a PE ratio of -3.40 and a beta of 0.82.

Insider Activity

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

Institutional Trading of Magnachip Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Orion Porfolio Solutions LLC grew its holdings in shares of Magnachip Semiconductor by 16.1% during the second quarter. Orion Porfolio Solutions LLC now owns 192,019 shares of the semiconductor company's stock worth $764,000 after purchasing an additional 26,647 shares during the last quarter. Engineers Gate Manager LP grew its holdings in shares of Magnachip Semiconductor by 15.4% during the second quarter. Engineers Gate Manager LP now owns 59,648 shares of the semiconductor company's stock worth $237,000 after purchasing an additional 7,941 shares during the last quarter. Immersion Corp lifted its stake in shares of Magnachip Semiconductor by 8.2% in the second quarter. Immersion Corp now owns 3,213,966 shares of the semiconductor company's stock worth $12,792,000 after acquiring an additional 243,827 shares during the period. Sei Investments Co. acquired a new position in shares of Magnachip Semiconductor in the second quarter worth approximately $61,000. Finally, NewEdge Advisors LLC acquired a new position in shares of Magnachip Semiconductor in the second quarter worth approximately $74,000. 74.26% of the stock is currently owned by institutional investors.

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.