Weiss Ratings Reaffirms Sell (E+) Rating for Magnachip Semiconductor (NYSE:MX)

Key Points

• Weiss Ratings has reaffirmed a "Sell (E+)" rating for Magnachip Semiconductor, highlighting ongoing skepticism about the stock's performance.
• Needham & Company reduced its price target for Magnachip shares from $6.00 to $5.50 while setting a "buy" rating, indicating mixed analyst sentiments.
• Recent insider buying activity saw Shin Young Park and Camillo Martino acquire shares, indicating confidence from insiders despite market challenges.

Magnachip Semiconductor (NYSE:MX - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other research analysts also recently weighed in on MX. Needham & Company LLC lowered their price objective 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, September 13th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Magnachip Semiconductor presently has an average rating of "Hold" and a consensus price target of $5.50.

Magnachip Semiconductor Stock Up 1.6%

Shares of Magnachip Semiconductor stock opened at $3.16 on Wednesday. The company has a market cap of $113.52 million, a price-to-earnings ratio of -3.40 and a beta of 0.90. The company's 50 day moving average is $3.06 and its 200 day moving average is $3.43. Magnachip Semiconductor has a twelve month low of $2.51 and a twelve month high of $5.16. The company has a quick ratio of 3.77, a current ratio of 4.65 and a debt-to-equity ratio of 0.14.

Insider Activity at Magnachip Semiconductor

In other news, insider Shin Young Park acquired 10,000 shares of Magnachip Semiconductor stock in a transaction dated Monday, August 25th. The stock was purchased at an average cost of $2.87 per share, with a total value of $28,700.00. Following the completion of the purchase, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Camillo Martino acquired 30,000 shares of Magnachip Semiconductor stock in a transaction dated Friday, August 22nd. The stock was purchased at an average cost of $2.84 per share, with a total value of $85,200.00. Following the completion of the purchase, the insider owned 259,127 shares of the company's stock, valued at approximately $735,920.68. This 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 currently owned by company insiders.

Institutional Trading of Magnachip Semiconductor

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Orion Porfolio Solutions LLC increased its stake in shares of Magnachip Semiconductor by 16.1% in 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 in the last quarter. Engineers Gate Manager LP increased its stake in shares of Magnachip Semiconductor by 15.4% in 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 in the last quarter. 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 valued at $12,792,000 after acquiring an additional 243,827 shares in the last quarter. Sei Investments Co. purchased a new position in Magnachip Semiconductor during the second quarter valued at $61,000. 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.

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.

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