Magnachip Semiconductor Corp. (NYSE:MX) Sees Significant Decline in Short Interest

Magnachip Semiconductor Corp. (NYSE:MX) was the target of a large decline in short interest in the month of March. As of March 13th, there was short interest totaling 162,211 shares, a decline of 36.0% from the February 26th total of 253,636 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average daily trading volume, of 335,758 shares, the days-to-cover ratio is currently 0.5 days.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MX. Weiss Ratings reissued a “sell (e+)” rating on shares of Magnachip Semiconductor in a research note on Thursday, January 22nd. Zacks Research raised Magnachip Semiconductor from a “hold” rating to a “strong-buy” rating in a report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.50.

Magnachip Semiconductor Price Performance

Shares of NYSE MX traded up $0.02 during trading on Friday, hitting $2.86. The company had a trading volume of 279,324 shares, compared to its average volume of 301,679. The firm has a market capitalization of $104.04 million, a price-to-earnings ratio of -3.52 and a beta of 1.02. The stock has a fifty day simple moving average of $2.87 and a two-hundred day simple moving average of $2.86. The company has a quick ratio of 3.29, a current ratio of 4.07 and a debt-to-equity ratio of 0.18. Magnachip Semiconductor has a fifty-two week low of $2.18 and a fifty-two week high of $4.57.

Magnachip Semiconductor (NYSE:MX) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.24. The firm had revenue of $40.57 million during the quarter, compared to the consensus estimate of $40.50 million. Magnachip Semiconductor had a negative net margin of 16.62% and a negative return on equity of 4.56%. On average, research analysts expect that Magnachip Semiconductor will post -1.22 earnings per share for the current year.

Hedge Funds Weigh In On Magnachip Semiconductor

Several hedge funds and other institutional investors have recently made changes to their positions in MX. Immersion Corp boosted its stake in shares of Magnachip Semiconductor by 8.2% in the second quarter. Immersion Corp now owns 3,213,966 shares of the semiconductor company’s stock worth $12,792,000 after acquiring an additional 243,827 shares during the last quarter. Lepercq De Neuflize Asset Management LLC raised its stake in Magnachip Semiconductor by 162.3% in the 4th quarter. Lepercq De Neuflize Asset Management LLC now owns 2,694,527 shares of the semiconductor company’s stock valued at $6,871,000 after purchasing an additional 1,667,434 shares during the last quarter. Systematic Financial Management LP raised its stake in Magnachip Semiconductor by 1.7% in the 2nd quarter. Systematic Financial Management LP now owns 1,941,856 shares of the semiconductor company’s stock valued at $7,729,000 after purchasing an additional 32,707 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Magnachip Semiconductor by 17.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,432,843 shares of the semiconductor company’s stock valued at $4,485,000 after purchasing an additional 208,417 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Magnachip Semiconductor by 47.2% in the 4th quarter. Marshall Wace LLP now owns 1,285,832 shares of the semiconductor company’s stock valued at $3,279,000 after purchasing an additional 412,098 shares in the last quarter. Hedge funds and other institutional investors own 74.26% of the company’s stock.

About Magnachip Semiconductor

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.