MaxLinear (NASDAQ:MXL) Shares Up 7.1% – Here’s What Happened

MaxLinear, Inc. (NASDAQ:MXL)’s share price shot up 7.1% on Wednesday . The stock traded as high as $19.28 and last traded at $19.27. 517,918 shares were traded during mid-day trading, a decline of 50% from the average session volume of 1,029,397 shares. The stock had previously closed at $18.00.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MXL. Benchmark upped their price target on shares of MaxLinear from $22.00 to $28.00 and gave the company a “buy” rating in a report on Monday. Susquehanna cut shares of MaxLinear from a “positive” rating to a “neutral” rating and reduced their target price for the stock from $26.00 to $15.00 in a report on Tuesday, October 1st. Craig Hallum reduced their target price on shares of MaxLinear from $28.00 to $25.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of MaxLinear in a report on Thursday, October 24th. Finally, Wells Fargo & Company started coverage on shares of MaxLinear in a report on Friday, November 22nd. They set an “equal weight” rating and a $14.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.14.

MaxLinear Trading Up 3.4 %

The stock has a market cap of $1.57 billion, a price-to-earnings ratio of -6.62 and a beta of 1.87. The company has a quick ratio of 1.38, a current ratio of 1.95 and a debt-to-equity ratio of 0.22. The business’s 50 day simple moving average is $15.00 and its 200 day simple moving average is $16.04.

MaxLinear (NASDAQ:MXL) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.04). The firm had revenue of $81.10 million during the quarter, compared to analyst estimates of $80.40 million. MaxLinear had a negative net margin of 57.37% and a negative return on equity of 19.22%. The business’s revenue was down 40.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, research analysts expect that MaxLinear, Inc. will post -1.66 EPS for the current fiscal year.

Insider Activity

In related news, insider Connie H. Kwong sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $18.61, for a total transaction of $93,050.00. Following the transaction, the insider now directly owns 49,147 shares of the company’s stock, valued at approximately $914,625.67. This trade represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ted L. Tewksbury III sold 5,800 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $15.36, for a total transaction of $89,088.00. Following the transaction, the director now directly owns 69,717 shares in the company, valued at approximately $1,070,853.12. This represents a 7.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,900 shares of company stock valued at $276,078 over the last ninety days. 8.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MaxLinear

A number of hedge funds have recently bought and sold shares of MXL. SG Americas Securities LLC increased its position in MaxLinear by 39.5% during the second quarter. SG Americas Securities LLC now owns 12,184 shares of the semiconductor company’s stock worth $245,000 after acquiring an additional 3,453 shares during the period. Louisiana State Employees Retirement System grew its stake in MaxLinear by 3.0% during the second quarter. Louisiana State Employees Retirement System now owns 38,000 shares of the semiconductor company’s stock worth $765,000 after buying an additional 1,100 shares in the last quarter. Bank of New York Mellon Corp grew its stake in MaxLinear by 5.3% during the second quarter. Bank of New York Mellon Corp now owns 2,535,449 shares of the semiconductor company’s stock worth $51,064,000 after buying an additional 128,585 shares in the last quarter. Panagora Asset Management Inc. grew its stake in MaxLinear by 229.5% during the second quarter. Panagora Asset Management Inc. now owns 210,700 shares of the semiconductor company’s stock worth $4,243,000 after buying an additional 146,754 shares in the last quarter. Finally, Innealta Capital LLC acquired a new stake in MaxLinear during the second quarter worth about $30,000. 90.79% of the stock is owned by institutional investors.

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.