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

Magnachip Semiconductor Co. (NYSE:MX) was the recipient of a large decrease in short interest in the month of April. As of April 15th, there was short interest totalling 148,700 shares, a decrease of 71.5% from the March 31st total of 521,500 shares. Based on an average trading volume of 453,200 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Needham & Company LLC decreased their price target on shares of Magnachip Semiconductor from $13.00 to $10.00 and set a “buy” rating for the company in a research report 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.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Aigen Investment Management LP bought a new position in Magnachip Semiconductor during the third quarter worth $125,000. Sather Financial Group Inc lifted its stake in shares of Magnachip Semiconductor by 3.0% in the third quarter. Sather Financial Group Inc now owns 54,964 shares of the semiconductor company’s stock valued at $457,000 after buying an additional 1,585 shares in the last quarter. Barclays PLC bought a new position in shares of Magnachip Semiconductor in the second quarter valued at $86,000. Altfest L J & Co. Inc. bought a new position in shares of Magnachip Semiconductor in the fourth quarter valued at $165,000. Finally, Covestor Ltd lifted its stake in shares of Magnachip Semiconductor by 16.4% in the third quarter. Covestor Ltd now owns 44,696 shares of the semiconductor company’s stock valued at $371,000 after buying an additional 6,307 shares in the last quarter. 74.26% of the stock is owned by institutional investors.

Magnachip Semiconductor Stock Performance

Shares of NYSE:MX traded down $0.04 during trading on Thursday, reaching $4.79. The stock had a trading volume of 236,337 shares, compared to its average volume of 423,484. The firm’s fifty day moving average is $5.59 and its 200 day moving average is $6.59. 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 price-to-earnings ratio of -5.50 and a beta of 0.78.

Magnachip Semiconductor (NYSE:MX) last posted its quarterly earnings data on Wednesday, February 28th. The semiconductor company reported ($0.26) 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 company had revenue of $50.82 million for the quarter, compared to analyst estimates of $52.45 million. During the same period in the prior year, the firm posted ($0.39) EPS. On average, research 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.