Magnachip Semiconductor Corp. (NYSE:MX) Short Interest Update

Magnachip Semiconductor Corp. (NYSE:MX) saw a large increase in short interest in May. As of May 29th, there was short interest totaling 766,657 shares, an increase of 123.5% from the May 14th total of 343,084 shares. Based on an average daily trading volume, of 5,026,413 shares, the days-to-cover ratio is currently 0.2 days. Currently, 2.2% of the shares of the stock are sold short.

Institutional Trading of Magnachip Semiconductor

A number of large investors have recently made changes to their positions in MX. Cubist Systematic Strategies LLC increased its holdings in shares of Magnachip Semiconductor by 22.9% in the 1st quarter. Cubist Systematic Strategies LLC now owns 60,638 shares of the semiconductor company’s stock worth $208,000 after buying an additional 11,298 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Magnachip Semiconductor in the 1st quarter worth about $115,000. American Century Companies Inc. increased its holdings in shares of Magnachip Semiconductor by 4.7% in the 2nd quarter. American Century Companies Inc. now owns 76,312 shares of the semiconductor company’s stock worth $304,000 after buying an additional 3,451 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Magnachip Semiconductor by 78.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 271,381 shares of the semiconductor company’s stock worth $1,080,000 after buying an additional 119,269 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Magnachip Semiconductor by 70.3% in the 2nd quarter. Marshall Wace LLP now owns 699,525 shares of the semiconductor company’s stock worth $2,784,000 after buying an additional 288,664 shares during the last quarter. 74.26% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MX has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Magnachip Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 4th. Wall Street Zen upgraded shares of Magnachip Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, Zacks Research downgraded shares of Magnachip Semiconductor from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Magnachip Semiconductor currently has an average rating of “Hold” and a consensus target price of $5.50.

Magnachip Semiconductor Price Performance

NYSE MX traded up $0.04 on Friday, reaching $6.29. The company had a trading volume of 1,678,781 shares, compared to its average volume of 4,552,993. The company has a quick ratio of 1.91, a current ratio of 2.37 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $229.13 million, a PE ratio of -8.98 and a beta of 1.50. The firm’s 50 day moving average price is $4.83 and its 200 day moving average price is $3.53. Magnachip Semiconductor has a 12 month low of $2.18 and a 12 month high of $9.86.

Magnachip Semiconductor (NYSE:MX) last posted its earnings results on Tuesday, April 28th. The semiconductor company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.11. Magnachip Semiconductor had a negative net margin of 14.14% and a negative return on equity of 4.68%. The firm had revenue of $46.21 million for the quarter, compared to the consensus estimate of $46.00 million.

About Magnachip Semiconductor

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.