MaxLinear (NASDAQ:MXL) Shares Up 8.2% – Here’s What Happened

MaxLinear, Inc. (NASDAQ:MXL)’s share price shot up 8.2% on Wednesday . The stock traded as high as $22.40 and last traded at $22.40. 690,672 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 1,248,241 shares. The stock had previously closed at $20.70.

Analysts Set New Price Targets

A number of brokerages have issued reports on MXL. Northland Securities increased their target price on shares of MaxLinear from $25.00 to $27.50 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Craig Hallum lowered their price objective on MaxLinear from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Susquehanna downgraded MaxLinear from a “positive” rating to a “neutral” rating and cut their target price for the company from $26.00 to $15.00 in a research report on Tuesday, October 1st. Benchmark boosted their price target on MaxLinear from $22.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Needham & Company LLC restated a “hold” rating on shares of MaxLinear in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, MaxLinear currently has a consensus rating of “Hold” and an average target price of $24.21.

MaxLinear Stock Performance

The company has a fifty day moving average of $18.35 and a two-hundred day moving average of $16.41. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.38 and a current ratio of 1.95. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -8.84 and a beta of 1.79.

MaxLinear (NASDAQ:MXL) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.04). MaxLinear had a negative return on equity of 19.22% and a negative net margin of 57.37%. The firm had revenue of $81.10 million for the quarter, compared to the consensus estimate of $80.40 million. During the same quarter last year, the firm posted ($0.02) earnings per share. The business’s revenue for the quarter was down 40.2% on a year-over-year basis. Equities research analysts anticipate that MaxLinear, Inc. will post -1.66 EPS for the current year.

Insiders Place Their Bets

In other news, VP William Torgerson sold 6,100 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $15.40, for a total transaction of $93,940.00. Following the completion of the transaction, the vice president now directly owns 179,262 shares in the company, valued at $2,760,634.80. This trade represents a 3.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven G. Litchfield sold 32,000 shares of MaxLinear stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $20.35, for a total value of $651,200.00. Following the completion of the transaction, the insider now directly owns 365,868 shares in the company, valued at approximately $7,445,413.80. This represents a 8.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,900 shares of company stock valued at $927,278 in the last ninety days. 8.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MXL. GAMMA Investing LLC grew its holdings in MaxLinear by 19.1% during the 4th quarter. GAMMA Investing LLC now owns 4,134 shares of the semiconductor company’s stock worth $82,000 after acquiring an additional 662 shares during the period. Nisa Investment Advisors LLC grew its stake in MaxLinear by 20.3% during the third quarter. Nisa Investment Advisors LLC now owns 7,761 shares of the semiconductor company’s stock worth $112,000 after purchasing an additional 1,308 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in MaxLinear by 12.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,046 shares of the semiconductor company’s stock worth $334,000 after purchasing an additional 2,618 shares during the period. Canada Pension Plan Investment Board bought a new stake in MaxLinear in the second quarter worth approximately $56,000. Finally, Truvestments Capital LLC acquired a new position in MaxLinear in the third quarter valued at approximately $42,000. Institutional investors own 90.79% of the company’s stock.

About MaxLinear

MaxLinear, Inc provides communications systems-on-chip solutions worldwide. Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management.