MaxLinear (NASDAQ:MXL) Shares Gap Down – Here’s What Happened

MaxLinear, Inc (NASDAQ:MXL) gapped down prior to trading on Monday . The stock had previously closed at $74.57, but opened at $67.52. MaxLinear shares last traded at $70.25, with a volume of 551,432 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MXL. Benchmark assumed coverage on shares of MaxLinear in a report on Wednesday, May 27th. They set a “buy” rating and a $125.00 price target for the company. Roth Capital increased their price objective on shares of MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Wall Street Zen upgraded shares of MaxLinear from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Wells Fargo & Company boosted their target price on shares of MaxLinear from $42.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, July 20th. Finally, Needham & Company LLC upped their target price on shares of MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Five research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $88.64.

MaxLinear Stock Up 3.6%

The firm’s fifty day moving average is $71.81 and its two-hundred day moving average is $62.77. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -56.40 and a beta of 3.93. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.15.

MaxLinear (NASDAQ:MXL) last released its earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. MaxLinear had a negative net margin of 18.24% and a positive return on equity of 2.24%. The firm had revenue of $168.85 million for the quarter, compared to analysts’ expectations of $164.64 million. During the same quarter last year, the company earned $0.02 EPS. MaxLinear’s quarterly revenue was up 55.2% on a year-over-year basis. On average, sell-side analysts expect that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Activity at MaxLinear

In related news, CEO Kishore Seendripu sold 351,454 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $85.95, for a total transaction of $30,207,471.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 7.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MaxLinear

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MXL. EverSource Wealth Advisors LLC raised its position in MaxLinear by 16.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,563 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 217 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in MaxLinear by 16.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,678 shares of the semiconductor company’s stock worth $215,000 after acquiring an additional 232 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in MaxLinear in the second quarter worth approximately $32,000. GAMMA Investing LLC increased its stake in shares of MaxLinear by 5.6% during the 2nd quarter. GAMMA Investing LLC now owns 6,152 shares of the semiconductor company’s stock worth $788,000 after purchasing an additional 326 shares during the last quarter. Finally, Carolina Wealth Advisors LLC acquired a new position in shares of MaxLinear during the 2nd quarter worth $47,000. 90.79% of the stock is owned by institutional investors.

About MaxLinear

MaxLinear, Inc is a fabless semiconductor company that designs and develops high-performance analog and mixed-signal integrated circuits. Its products are used in broadband communications, wired and wireless infrastructure, data center, networking, and industrial applications.

The company’s portfolio includes solutions for broadband access and connectivity, including cable and fiber-optic infrastructure, Ethernet and high-speed interconnects, optical communications, power management, interface products, and embedded processors.