Magnachip Semiconductor’s (MX) “Buy” Rating Reiterated at Needham & Company LLC

Magnachip Semiconductor (NYSE:MX)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday. They presently have a $15.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 29.87% from the company’s current price.

Several other research firms have also recently weighed in on MX. Zacks Investment Research upgraded Magnachip Semiconductor from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Tuesday, November 7th. ValuEngine cut Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Finally, TheStreet cut Magnachip Semiconductor from a “c-” rating to a “d” rating in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Magnachip Semiconductor has a consensus rating of “Hold” and an average target price of $12.67.

Magnachip Semiconductor (MX) traded up $0.40 during midday trading on Wednesday, reaching $11.55. The company’s stock had a trading volume of 441,927 shares, compared to its average volume of 334,514. The company has a quick ratio of 1.96, a current ratio of 2.42 and a debt-to-equity ratio of -4.96. Magnachip Semiconductor has a 12-month low of $7.00 and a 12-month high of $13.40. The company has a market capitalization of $460.89, a PE ratio of -22.21 and a beta of -0.29.

Magnachip Semiconductor (NYSE:MX) last released its earnings results on Wednesday, November 1st. The semiconductor company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. equities research analysts expect that Magnachip Semiconductor will post 0.7 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Magnachip Semiconductor by 1.5% in the 2nd quarter. State Street Corp now owns 40,222 shares of the semiconductor company’s stock valued at $394,000 after acquiring an additional 606 shares during the last quarter. Columbia Pacific Advisors LLC lifted its stake in shares of Magnachip Semiconductor by 12.5% in the 2nd quarter. Columbia Pacific Advisors LLC now owns 45,000 shares of the semiconductor company’s stock valued at $441,000 after acquiring an additional 5,000 shares during the last quarter. Silverback Asset Management LLC lifted its stake in shares of Magnachip Semiconductor by 1.6% in the 2nd quarter. Silverback Asset Management LLC now owns 313,461 shares of the semiconductor company’s stock valued at $3,072,000 after acquiring an additional 5,000 shares during the last quarter. Citadel Advisors LLC lifted its stake in shares of Magnachip Semiconductor by 66.9% in the 3rd quarter. Citadel Advisors LLC now owns 15,465 shares of the semiconductor company’s stock valued at $176,000 after acquiring an additional 6,197 shares during the last quarter. Finally, Northern Trust Corp bought a new position in shares of Magnachip Semiconductor in the 2nd quarter valued at $111,000. Institutional investors own 89.45% of the company’s stock.

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Magnachip Semiconductor Company Profile

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer, computing, communication, industrial, automotive and Internet of Things (IoT) applications. The Company provides technology platforms for analog, mixed signal, power, high voltage, non-volatile memory and Radio Frequency (RF) applications.

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