Magnachip Semiconductor (NYSE:MX) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Magnachip Semiconductor Corp. (NYSE:MX) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.92 and traded as high as $4.04. Magnachip Semiconductor shares last traded at $3.8730, with a volume of 1,449,550 shares.

Analyst Ratings Changes

Several equities research analysts recently commented on MX shares. Wall Street Zen raised Magnachip Semiconductor from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Magnachip Semiconductor in a research report on Friday, July 31st. Finally, Zacks Research cut shares of Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Magnachip Semiconductor currently has a consensus rating of “Reduce”.

Magnachip Semiconductor Trading Up 3.3%

The company has a fifty day simple moving average of $4.79 and a two-hundred day simple moving average of $3.92. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.37 and a quick ratio of 1.91. The company has a market capitalization of $145.36 million, a P/E ratio of -4.75 and a beta of 1.63.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.09. The company had revenue of $44.70 million during the quarter, compared to analysts’ expectations of $46.50 million. Magnachip Semiconductor had a negative return on equity of 5.73% and a negative net margin of 17.26%.

Hedge Funds Weigh In On Magnachip Semiconductor

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MX. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Magnachip Semiconductor in the second quarter worth $54,000. LPL Financial LLC acquired a new position in Magnachip Semiconductor in the 4th quarter valued at $30,000. BlackRock Inc. bought a new position in Magnachip Semiconductor in the 2nd quarter worth $63,000. Sei Investments Co. bought a new position in Magnachip Semiconductor in the 2nd quarter worth $61,000. Finally, NewEdge Advisors LLC acquired a new position in Magnachip Semiconductor during the 2nd quarter worth $74,000. Institutional investors and hedge funds own 74.26% of the company’s stock.

Magnachip Semiconductor Company Profile

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.