Magnachip Semiconductor Corp. (NYSE:MX) Stock Short Interest Report for October

Key Points

• Short interest fell sharply: Magnachip Semiconductor’s short interest dropped 34.7% to 1.09 million shares as of October 15, representing about 3.2% of shares outstanding and 1.2 days of average trading volume.
• Insider and institutional activity was positive: CEO Chae Lee bought 80,000 shares, increasing his position by 27.71%, while several institutions initiated or expanded holdings. Insiders own 10.90% of the stock, and institutions own 74.26%.
• Analyst sentiment remains unfavorable: Weiss Ratings maintained a “sell (D-)” rating, and the two-analyst consensus is “Reduce.” Shares opened at $2.40, near their 52-week low of $2.18 and well below the 50-day and 200-day moving averages.

Magnachip Semiconductor Corp. (NYSE:MX - Get Free Report) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totaling 1,092,672 shares, a drop of 34.7% from the September 30th total of 1,672,866 shares. Based on an average daily volume of 938,475 shares, the short-interest ratio is currently 1.2 days. Approximately 3.2% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, CEO Chae Lee purchased 80,000 shares of the business's stock in a transaction dated Wednesday, September 23rd. The stock was acquired at an average price of $3.18 per share, with a total value of $254,400.00. Following the purchase, the chief executive officer directly owned 368,750 shares of the company's stock, valued at $1,172,625. This represents a 27.71% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 10.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd purchased a new stake in shares of Magnachip Semiconductor in the second quarter worth approximately $164,000. Squarepoint Ops LLC bought a new stake in Magnachip Semiconductor in the 2nd quarter valued at $319,000. TD Waterhouse Canada Inc. bought a new position in Magnachip Semiconductor during the second quarter worth about $574,000. Susquehanna Fundamental Investments LLC acquired a new stake in Magnachip Semiconductor during the second quarter valued at approximately $90,000. Finally, Algert Global LLC lifted its position in shares of Magnachip Semiconductor by 88.7% during the 2nd quarter. Algert Global LLC now owns 110,785 shares of the semiconductor company's stock worth $524,000 after buying an additional 52,090 shares during the period. Institutional investors own 74.26% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Magnachip Semiconductor in a research note on Thursday. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce".

Magnachip Semiconductor Trading Down 0.4%

NYSE:MX opened at $2.40 on Monday. The business's 50-day simple moving average is $3.02 and its 200 day simple moving average is $3.66. Magnachip Semiconductor has a one year low of $2.18 and a one year high of $9.86. The stock has a market cap of $91.30 million, a price-to-earnings ratio of -2.86 and a beta of 1.72. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.93 and a current ratio of 2.43.

About Magnachip Semiconductor

Magnachip Semiconductor Corporation NYSE: MX is a semiconductor company that designs and supplies analog and mixed-signal products. Its portfolio is focused primarily on power semiconductors and display solutions used in consumer electronics, communications equipment, automotive applications, industrial systems and other electronic devices.

The company's power products include metal-oxide-semiconductor field-effect transistors (MOSFETs), insulated-gate bipolar transistors (IGBTs), power integrated circuits and other discrete semiconductor devices designed to manage power conversion, distribution and efficiency.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.