MaxLinear (NASDAQ:MXL) Trading 5.2% Higher – Here’s What Happened

Shares of MaxLinear, Inc (NASDAQ:MXL) shot up 5.2% during trading on Wednesday . The company traded as high as $71.24 and last traded at $70.6090. 740,784 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 3,080,761 shares. The stock had previously closed at $67.12.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of MaxLinear in a research report on Friday, July 17th. Susquehanna boosted their price target on shares of MaxLinear from $45.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Wells Fargo & Company increased their price target on shares of MaxLinear from $42.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Wall Street Zen upgraded shares of MaxLinear from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Finally, Morgan Stanley set a $125.00 target price on MaxLinear in a report on Monday. Five investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $88.64.

MaxLinear Trading Up 6.4%

The stock’s fifty day simple moving average is $71.81 and its two-hundred day simple moving average is $62.77. The firm has a market cap of $6.47 billion, a PE ratio of -59.99 and a beta of 3.93. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.26.

MaxLinear (NASDAQ:MXL) last issued its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $168.85 million for the quarter, compared to analysts’ expectations of $164.64 million. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.The business’s revenue for the quarter was up 55.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.02 EPS. On average, sell-side analysts forecast that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Kishore Seendripu sold 351,454 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $85.95, for a total value of $30,207,471.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 7.70% of the company’s stock.

Hedge Funds Weigh In On MaxLinear

A number of hedge funds have recently bought and sold shares of MXL. BlackRock Inc. bought a new stake in MaxLinear during the 2nd quarter valued at about $1,754,062,000. Dimensional Fund Advisors LP grew its holdings in shares of MaxLinear by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 1,689,692 shares of the semiconductor company’s stock valued at $29,376,000 after buying an additional 113,058 shares during the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of MaxLinear during the second quarter valued at approximately $165,221,000. AIGH Capital Management LLC bought a new stake in shares of MaxLinear during the second quarter valued at approximately $104,729,000. Finally, BNP Paribas Financial Markets raised its holdings in MaxLinear by 42.0% in the 4th quarter. BNP Paribas Financial Markets now owns 758,109 shares of the semiconductor company’s stock worth $13,214,000 after acquiring an additional 224,217 shares during the last quarter. Institutional investors own 90.79% of the company’s stock.

MaxLinear Company Profile

MaxLinear, Inc is a fabless semiconductor company that designs and develops high-performance analog and mixed-signal integrated circuits. Its products are used in broadband communications, wired and wireless infrastructure, data center, networking, and industrial applications.

The company’s portfolio includes solutions for broadband access and connectivity, including cable and fiber-optic infrastructure, Ethernet and high-speed interconnects, optical communications, power management, interface products, and embedded processors.