MaxLinear (NASDAQ:MXL) Shares Down 8.6% – Here’s Why
by Mitch Edgeman · The Markets DailyMaxLinear, Inc (NASDAQ:MXL – Get Free Report) was down 8.6% on Tuesday . The company traded as low as $72.49 and last traded at $72.4560. Approximately 1,854,824 shares changed hands during trading, a decline of 38% from the average daily volume of 2,971,709 shares. The stock had previously closed at $79.27.
Wall Street Analyst Weigh In
Several analysts have recently issued reports on MXL shares. Weiss Ratings reissued a “sell (d-)” rating on shares of MaxLinear in a research report on Tuesday, April 21st. Susquehanna reissued a “neutral” rating and set a $30.00 target price on shares of MaxLinear in a research report on Monday, April 20th. Roth Mkm upgraded shares of MaxLinear from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Friday, April 24th. Loop Capital upgraded shares of MaxLinear from a “hold” rating to a “buy” rating and raised their target price for the stock from $17.00 to $75.00 in a research report on Wednesday, April 29th. Finally, Needham & Company LLC raised MaxLinear from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $65.00.
Read Our Latest Stock Analysis on MXL
MaxLinear Price Performance
The company has a market cap of $6.40 billion, a price-to-earnings ratio of -47.05 and a beta of 3.98. The company’s 50 day moving average price is $60.90 and its 200 day moving average price is $32.91. The company has a current ratio of 1.70, a quick ratio of 1.12 and a debt-to-equity ratio of 0.27.
MaxLinear (NASDAQ:MXL – Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The semiconductor company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.04. The firm had revenue of $137.19 million during the quarter, compared to analysts’ expectations of $137.15 million. MaxLinear had a negative net margin of 25.96% and a negative return on equity of 2.33%. The firm’s revenue for the quarter was up 43.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. Equities research analysts forecast that MaxLinear, Inc will post 0.52 earnings per share for the current year.
Insider Transactions at MaxLinear
In related news, Director Thomas E. Pardun sold 11,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $105.00, for a total value of $1,155,000.00. Following the sale, the director owned 55,252 shares in the company, valued at $5,801,460. This represents a 16.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Connie H. Kwong sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $96.96, for a total value of $3,393,600.00. Following the completion of the transaction, the insider directly owned 13,947 shares of the company’s stock, valued at $1,352,301.12. The trade was a 71.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 65,168 shares of company stock valued at $5,559,359. 7.70% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in MXL. Larson Financial Group LLC increased its stake in shares of MaxLinear by 161.7% during the 4th quarter. Larson Financial Group LLC now owns 1,416 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 875 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of MaxLinear by 103.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 726 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of MaxLinear during the fourth quarter valued at $25,000. International Assets Investment Management LLC purchased a new stake in MaxLinear during the 4th quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC increased its position in MaxLinear by 16.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,563 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 90.79% of the company’s stock.
MaxLinear Company Profile
MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company’s product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.
MaxLinear’s semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.