Magnachip Semiconductor (NYSE:MX) Posts Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Magnachip Semiconductor (NYSE:MX) posted its quarterly earnings data on Wednesday. The semiconductor company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.15), reports. Magnachip Semiconductor had a negative net margin of 20.08% and a negative return on equity of 14.04%. The firm had revenue of $66.46 million during the quarter, compared to analyst estimates of $64.05 million. Magnachip Semiconductor updated its Q4 2024 guidance to EPS.

Magnachip Semiconductor Trading Down 1.3 %

Shares of Magnachip Semiconductor stock opened at $4.42 on Friday. The stock has a 50 day moving average of $4.68 and a 200 day moving average of $4.87. The company has a debt-to-equity ratio of 0.09, a quick ratio of 4.34 and a current ratio of 5.03. The firm has a market capitalization of $165.57 million, a price-to-earnings ratio of -3.81 and a beta of 0.64. Magnachip Semiconductor has a fifty-two week low of $4.25 and a fifty-two week high of $8.16.

Institutional Trading of Magnachip Semiconductor

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its position in Magnachip Semiconductor by 177.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,686 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 2,994 shares during the period. Quantbot Technologies LP raised its holdings in shares of Magnachip Semiconductor by 28.8% in the 1st quarter. Quantbot Technologies LP now owns 43,326 shares of the semiconductor company’s stock valued at $242,000 after buying an additional 9,686 shares during the period. Empowered Funds LLC raised its holdings in shares of Magnachip Semiconductor by 8.1% in the 1st quarter. Empowered Funds LLC now owns 190,573 shares of the semiconductor company’s stock valued at $1,063,000 after buying an additional 14,350 shares during the period. Vanguard Group Inc. lifted its stake in Magnachip Semiconductor by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 1,049,496 shares of the semiconductor company’s stock worth $5,856,000 after acquiring an additional 28,860 shares in the last quarter. Finally, Quadrature Capital Ltd boosted its holdings in Magnachip Semiconductor by 93.4% during the 1st quarter. Quadrature Capital Ltd now owns 43,045 shares of the semiconductor company’s stock valued at $240,000 after acquiring an additional 20,790 shares during the period. 74.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MX has been the subject of several recent research reports. Needham & Company LLC cut their price target on Magnachip Semiconductor from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, August 1st. Barclays raised Magnachip Semiconductor to a “hold” rating in a research note on Tuesday, September 10th. Finally, StockNews.com cut shares of Magnachip Semiconductor from a “hold” rating to a “sell” rating in a research report on Thursday.

Magnachip Semiconductor Company Profile

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.