Short Interest in Magnachip Semiconductor Corp. (NYSE:MX) Expands By 123.5%

Magnachip Semiconductor Corp. (NYSE:MX – Get Free Report) saw a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 766,657 shares, a growth of 123.5% from the May 14th total of 343,084 shares. Currently, 2.2% of the company’s shares are sold short. Based on an average daily volume of 5,026,413 shares, the days-to-cover ratio is currently 0.2 days.

Wall Street Analyst Weigh In

MX has been the topic of several research reports. Zacks Research downgraded Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Wall Street Zen upgraded Magnachip Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.50.

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Magnachip Semiconductor Trading Up 0.6%

Shares of NYSE:MX opened at $6.29 on Monday. Magnachip Semiconductor has a 12-month low of $2.18 and a 12-month high of $9.86. The business’s fifty day simple moving average is $4.83 and its 200-day simple moving average is $3.53. The company has a current ratio of 2.37, a quick ratio of 1.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $229.13 million, a PE ratio of -8.98 and a beta of 1.50.

Magnachip Semiconductor (NYSE:MX – Get Free Report) last announced its earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.11. Magnachip Semiconductor had a negative return on equity of 4.68% and a negative net margin of 14.14%.The firm had revenue of $46.21 million for the quarter, compared to the consensus estimate of $46.00 million.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MX. Lepercq De Neuflize Asset Management LLC acquired a new stake in Magnachip Semiconductor during the 3rd quarter worth about $3,215,000. Eurizon Capital SGR S.p.A. acquired a new stake in Magnachip Semiconductor during the 4th quarter worth about $178,000. First Wilshire Securities Management Inc. lifted its position in Magnachip Semiconductor by 53.8% during the 4th quarter. First Wilshire Securities Management Inc. now owns 732,857 shares of the semiconductor company’s stock worth $1,869,000 after acquiring an additional 256,211 shares during the period. Potomac Capital Management Inc. acquired a new stake in Magnachip Semiconductor during the 4th quarter worth about $987,000. Finally, Quadrature Capital Ltd lifted its position in Magnachip Semiconductor by 57.0% during the 4th quarter. Quadrature Capital Ltd now owns 24,420 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 8,863 shares during the period. 74.26% of the stock is currently owned by hedge funds and other institutional investors.

About Magnachip Semiconductor

(Get Free Report)

Magnachip Semiconductor Inc is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions for the display, power management and lighting markets. Its core product portfolio includes display driver ICs for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, LED driver ICs and power management devices used in consumer electronics, mobile devices, industrial equipment and automotive applications.

Founded in 2004 as a spin-off from MagnaChip, Magnachip is incorporated in the United States with design and sales offices strategically located across North America, Europe and Asia.

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