Magnachip Semiconductor Corp (NYSE:MX) saw a significant drop in short interest in July. As of July 15th, there was short interest totalling 580,700 shares, a drop of 11.5% from the June 15th total of 656,500 shares. Approximately 1.7% of the shares of the company are short sold. Based on an average trading volume of 327,300 shares, the days-to-cover ratio is currently 1.8 days.

MX stock traded up $0.31 during trading on Monday, hitting $10.83. 544,274 shares of the company traded hands, compared to its average volume of 307,075. The stock’s 50-day moving average is $10.29. The firm has a market capitalization of $360.04 million, a P/E ratio of 15.25 and a beta of 0.84. Magnachip Semiconductor has a 1 year low of $5.75 and a 1 year high of $13.06.

Magnachip Semiconductor (NYSE:MX) last issued its quarterly earnings data on Tuesday, April 30th. The semiconductor company reported ($0.58) EPS for the quarter, meeting the consensus estimate of ($0.58). Magnachip Semiconductor had a negative return on equity of 20.36% and a negative net margin of 5.49%. The company had revenue of $157.40 million for the quarter, compared to analyst estimates of $152.50 million. During the same period last year, the company earned $0.04 earnings per share. Magnachip Semiconductor’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Magnachip Semiconductor will post -0.31 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of MX. Federated Investors Inc. PA grew its holdings in Magnachip Semiconductor by 34.8% in the first quarter. Federated Investors Inc. PA now owns 1,025,000 shares of the semiconductor company’s stock valued at $7,585,000 after purchasing an additional 264,800 shares during the period. Millennium Management LLC boosted its stake in shares of Magnachip Semiconductor by 26.6% in the fourth quarter. Millennium Management LLC now owns 511,951 shares of the semiconductor company’s stock worth $3,179,000 after acquiring an additional 107,725 shares during the last quarter. IndexIQ Advisors LLC acquired a new stake in shares of Magnachip Semiconductor in the first quarter worth approximately $548,000. Cohen Capital Management Inc. boosted its stake in shares of Magnachip Semiconductor by 26.5% in the first quarter. Cohen Capital Management Inc. now owns 340,933 shares of the semiconductor company’s stock worth $2,523,000 after acquiring an additional 71,509 shares during the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of Magnachip Semiconductor in the first quarter worth approximately $386,000. 87.45% of the stock is currently owned by institutional investors.

MX has been the subject of several recent research reports. ValuEngine cut Vereit from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. Zacks Investment Research cut Zai Lab from a “buy” rating to a “hold” rating in a research report on Saturday, June 15th. Finally, Citigroup cut BCE from a “buy” rating to a “neutral” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Magnachip Semiconductor has a consensus rating of “Buy” and an average price target of $10.75.

About Magnachip Semiconductor

MagnaChip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and sells analog and mixed-signal semiconductor platform solutions for communications, Internet of Things, consumer, industrial, and automotive applications. The company operates through two segments, Foundry Services Group and Standard Products Group.

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