Magnachip Semiconductor Corp. (NYSE:MX) experienced a significant increase in short interest, rising by 58.8% in February. As of February 27, 2024, the total short interest reached 253,636 shares, up from 159,706 shares reported on February 12, 2024. With an average trading volume of 554,445 shares, the current short-interest ratio stands at 0.5 days, indicating that 0.7% of the company’s shares are currently short sold.
The dynamics in institutional trading reveal that several hedge funds and institutional investors have actively adjusted their positions in Magnachip Semiconductor. For instance, LPL Financial LLC entered a new position in the fourth quarter valued at approximately $30,000. Sei Investments Co. also acquired a stake during the second quarter for around $61,000. Notably, Quadrature Capital Ltd increased its holdings by 57.0% in the fourth quarter, now owning 24,420 shares worth about $62,000 following the acquisition of an additional 8,863 shares.
Other institutional movements include XTX Topco Ltd and Boothbay Fund Management LLC, which acquired new positions valued at approximately $65,000 and $69,000, respectively. Currently, institutional investors collectively hold 74.26% of the stock.
Analyst Ratings and Stock Performance
In terms of analyst ratings, Weiss Ratings reaffirmed a “sell (e+)” rating for Magnachip Semiconductor in a research note dated January 22, 2024. Among analysts, one has rated the stock as a Buy, while another assigned a Sell rating. Data from MarketBeat.com indicates that the stock holds an average rating of “Hold” with a consensus price target of $5.50.
On the trading front, shares of Magnachip Semiconductor were up by $0.05 during midday trading on Friday, reaching $2.81. In total, 136,180 shares changed hands, slightly below the average volume of 420,709 shares. The stock’s 50-day and 200-day moving average prices both stand at $2.88. Magnachip has a market capitalization of $100.92 million, a P/E ratio of -3.46, and a beta of 1.02. Financial metrics show a quick ratio of 3.50, a current ratio of 4.32, and a debt-to-equity ratio of 0.15. Over the past year, the stock has fluctuated between a low of $2.18 and a high of $4.57.
Recent Earnings Report
Magnachip Semiconductor released its quarterly earnings data on March 4, 2024, reporting earnings per share of ($0.08), surpassing the consensus estimate of ($0.32) by $0.24. The company generated revenue of $40.57 million for the quarter, exceeding the anticipated $40.50 million. Despite these positive figures, Magnachip reported a negative return on equity of 4.48% and a negative net margin of 16.62%. Analysts project that the company will achieve an average earnings per share of ($1.22) for the current fiscal year.
Founded in 2004 as a spin-off from MagnaChip, Magnachip Semiconductor Inc. is a fabless semiconductor company specializing in high-performance analog and mixed-signal solutions. Its core product offerings include display driver integrated circuits (ICs) for LCD and OLED panels, high-voltage MOSFETs, DC-DC converters, and LED driver ICs. The company serves various markets, including consumer electronics, mobile devices, industrial equipment, and automotive applications. Magnachip is incorporated in the United States, with design and sales offices strategically located across North America, Europe, and Asia.
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