MagnaChip Semiconductor Corporation (NYSE:MX) is one of the stocks that are grabbing investor focus today: skyrocketing 4.08% or (0.44 points) to $11.22 from its previous close of $10.78. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 143720 contracts so far this session. MX shares had a relatively better volume day versus average trading capacity of 319.9 thousand shares, but with a 33.58 million float and a 7.48% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for MX stock indicates that the average analyst price target is $14.05 per share. This means the stock has a potential increase of 25.22% from where the MX share price has been trading recently which is between $10.41 and $10.88. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $11.15.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “MagnaChip Semiconductor to Present at the 2019 Citi Technology Conference on September 4, 2019 in New York City” and dated August 16, 2019.
During the recent trading session for MagnaChip Semiconductor Corporation (NYSE:MX), the company witnessed their stock rise $0.93 over a week and surge $1.2 from the price 20 days ago. When compared to their established 52-week high of $12, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 07/31/19. The recent low of $5.75 stood for a -6.5% since 01/30/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.93 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for MagnaChip Semiconductor Corporation, the two-week RSI stands at 64.87. This figure suggests that MX stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current MX readings is similarly very revealing as it has a stochastic reading of 82.15% at this stage. This figure means that MX share price today is being oversold.
Technical chart claims that MagnaChip Semiconductor Corporation (MX) would settle between $10.97/share to $11.16/share level. However, if the stock price goes below the $10.5 mark, then the market for MagnaChip Semiconductor Corporation becomes much weaker. If that happens, the stock price might even plunge as low as $10.22 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.45. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Citigroup lifted target price for shares of MX but were stick to Neutral recommendation for the stock in their opinion released on August 07. The price target has been raised from $10.50 to $11. Citigroup, analysts launched coverage of MagnaChip Semiconductor Corporation (NYSE:MX) stock with a Neutral recommendation, according to their flash note issued to investors on May 10. Analysts at Needham released an upgrade from Hold to Buy for the stock, in a research note that dated back to January 13.
MX equity has an average rating of 1, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated MagnaChip Semiconductor Corporation (NYSE:MX) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, MX stock price is currently trading at 15.97X forward 12-month Consensus EPS estimates, and its P/E ratio is NA while for the average stock in the same group, the multiple is -29.07. MagnaChip Semiconductor Corporation current P/B ratio of NA means it is trading at a premium against its industry’s 4.31.
MagnaChip Semiconductor Corporation (MX)’s current-quarter revenues are projected to climb by nearly 9.22% to hit $225000, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 2.88% from $750900 to a noteworthy $772500. At the other end of the current quarter income statement, MagnaChip Semiconductor Corporation is expected to see its adjusted earnings surge by roughly -15.63% to hit $0.27 per share. For the fiscal year, MX’s earnings are projected to climb by roughly -135.21% to hit $-0.25 per share.