Magnachip Semiconductor Corp. (NYSE:MX) Stock Short Interest Falls 34.7%

Magnachip Semiconductor Corp. (NYSE:MX) was the recipient of a significant drop in short interest in October. As of October 15th, there was short interest totaling 1,092,672 shares, a drop of 34.7% from the September 30th total of 1,672,866 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average trading volume of 938,475 shares, the days-to-cover ratio is presently 1.2 days.

Insider Transactions at Magnachip Semiconductor

In other news, CEO Chae Lee purchased 80,000 shares of the stock in a transaction on Wednesday, September 23rd. The stock was bought at an average price of $3.18 per share, for a total transaction of $254,400.00. Following the acquisition, the chief executive officer directly owned 368,750 shares of the company’s stock, valued at approximately $1,172,625. The trade was a 27.71% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnachip Semiconductor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MX. FourWorld Capital Management LLC grew its position in shares of Magnachip Semiconductor by 667.1% during the first quarter. FourWorld Capital Management LLC now owns 1,657,701 shares of the semiconductor company’s stock worth $4,642,000 after acquiring an additional 1,441,593 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Magnachip Semiconductor during the 2nd quarter worth $1,953,000. GSA Capital Partners LLP acquired a new stake in Magnachip Semiconductor during the 2nd quarter worth $946,000. TD Waterhouse Canada Inc. purchased a new position in Magnachip Semiconductor during the 2nd quarter worth $574,000. Finally, Squarepoint Ops LLC acquired a new position in Magnachip Semiconductor in the second quarter valued at $319,000. Hedge funds and other institutional investors own 74.26% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Magnachip Semiconductor in a report on Thursday. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

Magnachip Semiconductor Stock Performance

MX traded up $0.10 on Tuesday, reaching $2.56. The company had a trading volume of 203,660 shares, compared to its average volume of 1,304,793. The company has a quick ratio of 1.93, a current ratio of 2.43 and a debt-to-equity ratio of 0.07. Magnachip Semiconductor has a 1 year low of $2.18 and a 1 year high of $9.86. The stock has a market capitalization of $97.58 million, a PE ratio of -3.05 and a beta of 1.72. The stock has a 50-day moving average price of $3.01 and a 200-day moving average price of $3.66.

About Magnachip Semiconductor

Magnachip Semiconductor Corporation (NYSE: MX) is a semiconductor company that designs and supplies analog and mixed-signal products. Its portfolio is focused primarily on power semiconductors and display solutions used in consumer electronics, communications equipment, automotive applications, industrial systems and other electronic devices.

The company’s power products include metal-oxide-semiconductor field-effect transistors (MOSFETs), insulated-gate bipolar transistors (IGBTs), power integrated circuits and other discrete semiconductor devices designed to manage power conversion, distribution and efficiency.