Needham & Company LLC Reiterates “Buy” Rating for Magnachip Semiconductor (NYSE:MX)

Magnachip Semiconductor (NYSE:MX)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $6.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 55.56% from the company’s previous close.

Separately, StockNews.com lowered Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research note on Friday, January 17th.

Magnachip Semiconductor Trading Up 5.7 %

Shares of MX opened at $3.86 on Thursday. The company has a quick ratio of 4.09, a current ratio of 4.81 and a debt-to-equity ratio of 0.10. Magnachip Semiconductor has a 12-month low of $3.56 and a 12-month high of $5.97. The firm has a market capitalization of $143.49 million, a PE ratio of -3.33 and a beta of 0.58. The stock’s fifty day simple moving average is $4.30 and its 200-day simple moving average is $4.33.

Hedge Funds Weigh In On Magnachip Semiconductor

Several hedge funds have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. raised its position in shares of Magnachip Semiconductor by 112.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,458,280 shares of the semiconductor company’s stock worth $5,862,000 after purchasing an additional 772,085 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in shares of Magnachip Semiconductor during the third quarter worth about $1,005,000. Clearline Capital LP raised its position in shares of Magnachip Semiconductor by 7.0% during the third quarter. Clearline Capital LP now owns 1,800,755 shares of the semiconductor company’s stock worth $8,410,000 after purchasing an additional 117,079 shares during the period. Millennium Management LLC raised its position in shares of Magnachip Semiconductor by 20.5% during the fourth quarter. Millennium Management LLC now owns 589,984 shares of the semiconductor company’s stock worth $2,372,000 after purchasing an additional 100,464 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Magnachip Semiconductor by 62.0% during the fourth quarter. Marshall Wace LLP now owns 230,480 shares of the semiconductor company’s stock worth $927,000 after purchasing an additional 88,223 shares during the period. Institutional investors and hedge funds own 74.26% of the company’s stock.

About Magnachip Semiconductor

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.