Magnachip Semiconductor Co. (NYSE:MX) Sees Large Drop in Short Interest

Magnachip Semiconductor Co. (NYSE:MX) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 148,700 shares, a drop of 71.5% from the March 31st total of 521,500 shares. Currently, 0.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 453,200 shares, the short-interest ratio is currently 0.3 days.

Hedge Funds Weigh In On Magnachip Semiconductor

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its position in shares of Magnachip Semiconductor by 808.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,496 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 3,111 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Magnachip Semiconductor by 177.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 2,994 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Magnachip Semiconductor during the third quarter worth $36,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Magnachip Semiconductor by 36.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the semiconductor company’s stock worth $84,000 after purchasing an additional 3,024 shares in the last quarter. Finally, Barclays PLC bought a new position in shares of Magnachip Semiconductor during the second quarter worth $86,000. 74.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

MX has been the topic of several research analyst reports. Needham & Company LLC decreased their price target on shares of Magnachip Semiconductor from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, February 29th. StockNews.com raised shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, March 9th.

Magnachip Semiconductor Stock Down 0.9 %

MX stock traded down $0.04 during midday trading on Thursday, reaching $4.79. The company’s stock had a trading volume of 236,337 shares, compared to its average volume of 423,484. Magnachip Semiconductor has a 52 week low of $4.70 and a 52 week high of $11.68. The stock has a market cap of $183.07 million, a PE ratio of -5.50 and a beta of 0.78. The business’s 50-day simple moving average is $5.59 and its 200-day simple moving average is $6.59.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings data on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.08. Magnachip Semiconductor had a negative net margin of 15.92% and a negative return on equity of 7.85%. The firm had revenue of $50.82 million for the quarter, compared to analysts’ expectations of $52.45 million. During the same period last year, the firm earned ($0.39) earnings per share. As a group, equities analysts forecast that Magnachip Semiconductor will post -1.4 earnings per share for the current fiscal year.

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.