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

Shares of MaxLinear, Inc (NASDAQ:MXL) gapped down before the market opened on Tuesday . The stock had previously closed at $85.98, but opened at $82.42. MaxLinear shares last traded at $85.4950, with a volume of 290,457 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on MXL. Benchmark assumed coverage on MaxLinear in a report on Wednesday, May 27th. They issued a “buy” rating and a $125.00 target price on the stock. Wells Fargo & Company raised their price target on MaxLinear from $42.00 to $75.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Roth Capital boosted their price target on MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Needham & Company LLC lifted their price target on shares of MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, July 24th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of MaxLinear in a report on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $88.64.

MaxLinear Trading Down 1.0%

The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $7.72 billion, a PE ratio of -71.61 and a beta of 3.93. The stock has a 50 day moving average price of $70.80 and a 200-day moving average price of $64.47.

MaxLinear (NASDAQ:MXL) last posted its quarterly earnings data on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.The company had revenue of $168.85 million during the quarter, compared to analysts’ expectations of $164.64 million. During the same quarter in the prior year, the business earned $0.02 earnings per share. MaxLinear’s revenue for the quarter was up 55.2% compared to the same quarter last year. Sell-side analysts expect that MaxLinear, Inc will post 0.78 earnings per share for the current year.

Insider Activity

In other news, CEO Kishore Seendripu sold 351,454 shares of the company’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $85.95, for a total transaction of $30,207,471.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 7.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MaxLinear

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Revere Asset Management Inc purchased a new stake in MaxLinear during the second quarter valued at approximately $1,139,000. Sequoia Financial Advisors LLC bought a new position in MaxLinear in the second quarter worth approximately $230,000. Tidal Investments LLC boosted its stake in shares of MaxLinear by 23.4% during the 2nd quarter. Tidal Investments LLC now owns 56,467 shares of the semiconductor company’s stock worth $7,229,000 after acquiring an additional 10,700 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of MaxLinear during the 2nd quarter worth $322,000. Finally, NewEdge Advisors LLC bought a new stake in shares of MaxLinear during the 2nd quarter valued at $171,000. Hedge funds and other institutional investors own 90.79% of the company’s stock.

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.