Short Interest in Magnachip Semiconductor Corp. (NYSE:MX) Rises By 40.8%

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) was the recipient of a large growth in short interest in August. As of August 15th, there was short interest totaling 411,600 shares, agrowthof40.8% from the July 31st total of 292,300 shares. Currently,1.4% of the shares of the stock are short sold. Based on an average trading volume of 238,900 shares, the days-to-cover ratio is presently 1.7 days. Based on an average trading volume of 238,900 shares, the days-to-cover ratio is presently 1.7 days. Currently,1.4% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Needham & Company LLC decreased their target price on Magnachip Semiconductor from $6.00 to $5.50 and set a "buy" rating for the company in a research report on Friday, August 1st. Wall Street Zen lowered Magnachip Semiconductor from a "hold" rating to a "sell" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Magnachip Semiconductor presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.50.

Insider Activity

In related news, insider Camillo Martino acquired 30,000 shares of the stock in a transaction on Friday, August 22nd. The stock was purchased 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. The trade was a 13.09% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shin Young Park acquired 10,000 shares of the stock in a transaction on Monday, August 25th. The stock was bought at an average price of $2.87 per share, with a total value of $28,700.00. Following the transaction, the insider directly owned 251,786 shares in the company, valued at approximately $722,625.82. This represents a 4.14% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.70% of the company's stock.

Institutional Investors Weigh In On Magnachip Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the stock. Immersion Corp grew its stake in Magnachip Semiconductor by 8.2% during the second quarter. Immersion Corp now owns 3,213,966 shares of the semiconductor company's stock worth $12,792,000 after purchasing an additional 243,827 shares during the period. Systematic Financial Management LP grew its stake in Magnachip Semiconductor by 1.7% during the second quarter. Systematic Financial Management LP now owns 1,941,856 shares of the semiconductor company's stock worth $7,729,000 after purchasing an additional 32,707 shares during the period. Ameriprise Financial Inc. grew its stake in Magnachip Semiconductor by 112.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,458,280 shares of the semiconductor company's stock worth $5,862,000 after purchasing an additional 772,085 shares during the period. Marshall Wace LLP grew its stake in Magnachip Semiconductor by 70.3% during the second quarter. Marshall Wace LLP now owns 699,525 shares of the semiconductor company's stock worth $2,784,000 after purchasing an additional 288,664 shares during the period. Finally, Millennium Management LLC grew its stake in Magnachip Semiconductor by 20.5% during the fourth quarter. Millennium Management LLC now owns 589,984 shares of the semiconductor company's stock worth $2,372,000 after purchasing an additional 100,464 shares during the period. Institutional investors and hedge funds own 74.26% of the company's stock.

Magnachip Semiconductor Trading Up 1.9%

Shares of MX stock traded up $0.06 on Monday, hitting $3.03. The company had a trading volume of 175,448 shares, compared to its average volume of 338,786. The firm has a market cap of $108.66 million, a P/E ratio of -3.25 and a beta of 0.82. The stock's 50-day moving average is $3.46 and its two-hundred day moving average is $3.57. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.77 and a current ratio of 4.65. Magnachip Semiconductor has a twelve month low of $2.51 and a twelve 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.

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