Magnachip Semiconductor Corp. (NYSE:MX) Short Interest Update

Key Points

• Short interest in Magnachip Semiconductor Corp. increased by 40.8% in August, totaling 411,600 shares shorted, reflecting growing bearish sentiment.
• Equity analysts have mixed views, with Needham & Company lowering their price target to $5.50, while Wall Street Zen downgraded the stock from a "hold" to a "sell" rating.
• Insider buying activity was notable, with an insider purchasing 30,000 shares at $2.84 each, indicating confidence in the company's prospects despite recent challenges.

Magnachip Semiconductor Corp. (NYSE:MX - Get Free Report) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totaling 411,600 shares, an increase of 40.8% from the July 31st total of 292,300 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily volume of 238,900 shares, the short-interest ratio is presently 1.7 days. Based on an average daily volume of 238,900 shares, the short-interest ratio is presently 1.7 days. Approximately 1.4% of the shares of the company are sold short.

Insider Buying and Selling

In related news, insider Shin Young Park acquired 10,000 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were bought at an average price of $2.87 per share, for a total transaction of $28,700.00. Following the completion of the transaction, the insider directly owned 251,786 shares in the company, valued at approximately $722,625.82. This trade represents a 4.14% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Camillo Martino acquired 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were bought at an average price of $2.84 per share, for a total transaction of $85,200.00. Following the transaction, the insider owned 259,127 shares of the company's stock, valued at $735,920.68. This trade represents a 13.09% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.70% of the stock is owned by corporate insiders.

Institutional Trading of Magnachip Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the company. OneDigital Investment Advisors LLC purchased a new stake in shares of Magnachip Semiconductor in the first quarter worth $35,000. Hsbc Holdings PLC purchased a new position in Magnachip Semiconductor during the fourth quarter valued at $47,000. Sei Investments Co. purchased a new position in Magnachip Semiconductor during the second quarter valued at $61,000. ProShare Advisors LLC purchased a new position in Magnachip Semiconductor during the second quarter valued at $73,000. Finally, NewEdge Advisors LLC purchased a new position in Magnachip Semiconductor during the second quarter valued at $74,000. 74.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MX. Needham & Company LLC decreased 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 report on Friday, August 1st. Wall Street Zen upgraded shares of Magnachip Semiconductor from a "sell" rating to a "hold" rating in a research report on Saturday. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $5.50.

Magnachip Semiconductor Price Performance

Shares of NYSE MX traded up $0.04 during midday trading on Friday, reaching $3.10. The stock had a trading volume of 199,587 shares, compared to its average volume of 249,765. The stock has a 50-day moving average of $3.38 and a 200-day moving average of $3.54. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.77 and a current ratio of 4.65. The company has a market capitalization of $111.17 million, a price-to-earnings ratio of -3.33 and a beta of 0.82. Magnachip Semiconductor has a 12-month low of $2.51 and a 12-month high of $5.16.

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.