Magnachip Semiconductor Co. (NYSE:MX) Sees Significant Growth in Short Interest

Magnachip Semiconductor Co. (NYSE:MX) saw a significant increase in short interest in the month of August. As of August 15th, there was short interest totalling 242,200 shares, an increase of 25.2% from the July 31st total of 193,500 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 199,800 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On Magnachip Semiconductor

A number of institutional investors and hedge funds have recently bought and sold shares of MX. Allspring Global Investments Holdings LLC raised its holdings in shares of Magnachip Semiconductor by 177.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 2,994 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of 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 worth $26,000 after acquiring an additional 3,111 shares in the last quarter. Founders Capital Management bought a new stake in shares of Magnachip Semiconductor in the 2nd quarter worth approximately $29,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Magnachip Semiconductor by 36.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the semiconductor company’s stock valued at $84,000 after purchasing an additional 3,024 shares in the last quarter. Finally, Citizens Financial Group Inc. RI bought a new position in shares of Magnachip Semiconductor during the 1st quarter valued at $89,000. 74.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Needham & Company LLC lowered their price objective on Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, August 1st.

Magnachip Semiconductor Stock Down 2.5 %

Shares of MX opened at $4.72 on Friday. The business’s 50-day moving average price is $4.97 and its 200-day moving average price is $5.21. Magnachip Semiconductor has a twelve month low of $4.69 and a twelve month high of $8.63. The company has a current ratio of 5.03, a quick ratio of 4.34 and a debt-to-equity ratio of 0.09.

Magnachip Semiconductor (NYSE:MX) last announced its quarterly earnings results on Wednesday, July 31st. The semiconductor company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.13. Magnachip Semiconductor had a negative return on equity of 10.29% and a negative net margin of 18.49%. The firm had revenue of $53.17 million for the quarter, compared to analysts’ expectations of $51.45 million. On average, analysts predict that Magnachip Semiconductor will post -1.13 earnings per share for the current year.

Magnachip Semiconductor Company Profile

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.