Needham & Company LLC Cuts Magnachip Semiconductor (NYSE:MX) Price Target to $5.50

Key Points

• Needham & Company LLC has lowered the target price for Magnachip Semiconductor's stock from $6.00 to $5.50, while maintaining a "buy" rating, indicating a potential upside of 30.42% from the current price.
• Magnachip Semiconductor's stock opened at $4.22 on Friday, with a market cap of approximately $152.07 million and a PE ratio of -3.29.
• Recently, several institutional investors have increased their holdings in Magnachip, with 74.26% of the stock currently owned by hedge funds and other institutional investors.

Magnachip Semiconductor (NYSE:MX - Get Free Report) had its price target decreased by Needham & Company LLC from $6.00 to $5.50 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's price objective suggests a potential upside of 94.35% from the company's previous close.

Separately, Wall Street Zen upgraded shares of Magnachip Semiconductor from a "sell" rating to a "hold" rating in a report on Friday, July 18th.

Magnachip Semiconductor Stock Down 0.4%

Shares of Magnachip Semiconductor stock traded down $0.01 during trading on Friday, reaching $2.83. 254,267 shares of the company traded hands, compared to its average volume of 244,371. The firm has a market capitalization of $102.06 million, a PE ratio of -3.04 and a beta of 0.84. The company has a 50 day moving average price of $3.93 and a 200-day moving average price of $3.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.51 and a quick ratio of 3.83. Magnachip Semiconductor has a 1-year low of $2.51 and a 1-year high of $5.30.

Institutional Trading of Magnachip Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in MX. American Century Companies Inc. boosted its position in Magnachip Semiconductor by 4.8% during the fourth quarter. American Century Companies Inc. now owns 68,851 shares of the semiconductor company's stock worth $277,000 after purchasing an additional 3,138 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Magnachip Semiconductor by 39.7% in the fourth quarter. JPMorgan Chase & Co. now owns 123,237 shares of the semiconductor company's stock worth $495,000 after buying an additional 35,008 shares in the last quarter. Renaissance Technologies LLC raised its stake in Magnachip Semiconductor by 23.0% in the fourth quarter. Renaissance Technologies LLC now owns 237,900 shares of the semiconductor company's stock valued at $956,000 after purchasing an additional 44,546 shares in the last quarter. Kennedy Capital Management LLC raised its stake in Magnachip Semiconductor by 1.9% in the fourth quarter. Kennedy Capital Management LLC now owns 383,989 shares of the semiconductor company's stock valued at $1,544,000 after purchasing an additional 7,091 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Magnachip Semiconductor during the fourth quarter worth approximately $145,000. Hedge funds and other institutional investors own 74.26% of the company's stock.

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.