Magnachip Semiconductor (NYSE:MX) Price Target Cut to $8.00 by Analysts at Needham & Company LLC

Magnachip Semiconductor (NYSE:MX) had its price objective lowered by Needham & Company LLC from $10.00 to $8.00 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Separately, StockNews.com raised Magnachip Semiconductor from a sell rating to a hold rating in a report on Saturday, March 9th.

Magnachip Semiconductor Stock Up 3.2 %

Magnachip Semiconductor stock traded up $0.16 during trading hours on Friday, hitting $5.09. 408,428 shares of the company traded hands, compared to its average volume of 282,714. Magnachip Semiconductor has a 1-year low of $4.70 and a 1-year high of $11.68. The firm has a market cap of $194.74 million, a P/E ratio of -6.53 and a beta of 0.77. The firm’s 50-day simple moving average is $5.41 and its two-hundred day simple moving average is $6.47.

Magnachip Semiconductor (NYSE:MX) last announced its earnings results on Wednesday, February 28th. The semiconductor company reported ($0.26) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.08. Magnachip Semiconductor had a negative return on equity of 8.16% and a negative net margin of 13.76%. The business had revenue of $50.82 million during the quarter, compared to analysts’ expectations of $52.45 million. During the same quarter last year, the business posted ($0.39) earnings per share. On average, equities research analysts predict that Magnachip Semiconductor will post -1.4 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in Magnachip Semiconductor by 808.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,496 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 3,111 shares during the period. Allspring Global Investments Holdings LLC raised its stake in shares of Magnachip Semiconductor by 177.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 2,994 shares in the last quarter. Quantbot Technologies LP bought a new position in Magnachip Semiconductor in the third quarter worth $36,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Magnachip Semiconductor by 36.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the semiconductor company’s stock worth $84,000 after buying an additional 3,024 shares in the last quarter. Finally, J.W. Cole Advisors Inc. bought a new stake in Magnachip Semiconductor in the 4th quarter valued at $105,000. 74.26% of the stock is owned by institutional investors.

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.