Magnachip Semiconductor (NYSE:MX)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Friday, AnalystRatings.com reports. They currently have a $18.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 58.17% from the stock’s previous close.
Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Wednesday, June 17th. ValuEngine raised Magnachip Semiconductor from a “strong sell” rating to a “sell” rating in a research note on Friday, July 24th.
Shares of MX stock opened at $11.38 on Friday. The stock has a market capitalization of $399.04 million, a PE ratio of 24.74 and a beta of 1.10. Magnachip Semiconductor has a one year low of $6.30 and a one year high of $16.06. The business’s 50 day simple moving average is $10.60 and its 200 day simple moving average is $11.46.
In other Magnachip Semiconductor news, Director Camillo Martino purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was bought at an average cost of $11.57 per share, with a total value of $115,700.00. Company insiders own 5.20% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in shares of Magnachip Semiconductor by 384.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 55,422 shares of the semiconductor company’s stock valued at $643,000 after buying an additional 43,986 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in Magnachip Semiconductor in the 4th quarter valued at about $139,000. Cubist Systematic Strategies LLC lifted its holdings in Magnachip Semiconductor by 22.4% during the fourth quarter. Cubist Systematic Strategies LLC now owns 32,428 shares of the semiconductor company’s stock valued at $376,000 after purchasing an additional 5,940 shares during the last quarter. Polunin Capital Partners Ltd boosted its position in Magnachip Semiconductor by 4,122.3% during the first quarter. Polunin Capital Partners Ltd now owns 262,498 shares of the semiconductor company’s stock worth $2,900,000 after purchasing an additional 256,281 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of Magnachip Semiconductor by 828.5% in the first quarter. Russell Investments Group Ltd. now owns 66,631 shares of the semiconductor company’s stock worth $707,000 after purchasing an additional 59,455 shares in the last quarter. 93.28% 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 sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.
Further Reading: Dead Cat Bounce
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