MaxLinear (NASDAQ:MXL) Shares Down 10.7% – Here’s What Happened

MaxLinear, Inc (NASDAQ:MXL) fell 10.7% during mid-day trading on Thursday . The stock traded as low as $104.51 and last traded at $100.3670. Approximately 1,066,268 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 3,095,560 shares. The stock had previously closed at $112.39.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MXL shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $40.00 price objective on shares of MaxLinear in a report on Friday, April 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of MaxLinear in a research report on Tuesday, April 21st. Northland Securities set a $110.00 target price on MaxLinear in a research report on Wednesday, June 3rd. Benchmark started coverage on MaxLinear in a report on Wednesday, May 27th. They issued a “buy” rating and a $125.00 price target for the company. Finally, Wall Street Zen downgraded MaxLinear from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Five research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, MaxLinear currently has an average rating of “Hold” and a consensus price target of $65.50.

MaxLinear Stock Performance

The business’s 50 day moving average price is $87.41 and its 200-day moving average price is $42.76. The company has a market cap of $8.34 billion, a price-to-earnings ratio of -61.26 and a beta of 3.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.12 and a current ratio of 1.70.

MaxLinear (NASDAQ:MXL) last issued its earnings results on Thursday, April 23rd. The semiconductor company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.04. The business had revenue of $137.19 million for the quarter, compared to analyst estimates 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 was up 43.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.05) EPS. On average, research analysts forecast that MaxLinear, Inc will post 0.52 EPS for the current year.

Insider Buying and Selling

In other news, Director Thomas E. Pardun sold 11,000 shares of the 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 completion of the transaction, the director directly owned 55,252 shares of the company’s stock, valued at approximately $5,801,460. This represents a 16.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Connie H. Kwong sold 35,000 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $96.96, for a total value of $3,393,600.00. Following the transaction, the insider owned 13,947 shares of the company’s stock, valued at $1,352,301.12. This trade represents a 71.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 65,168 shares of company stock worth $5,559,358 over the last ninety days. Company insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada lifted its holdings in shares of MaxLinear by 3.1% during the first quarter. Royal Bank of Canada now owns 72,664 shares of the semiconductor company’s stock valued at $789,000 after acquiring an additional 2,204 shares during the period. AQR Capital Management LLC increased its position in shares of MaxLinear by 56.0% during the 1st quarter. AQR Capital Management LLC now owns 296,297 shares of the semiconductor company’s stock worth $3,218,000 after purchasing an additional 106,355 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of MaxLinear by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,437 shares of the semiconductor company’s stock worth $515,000 after purchasing an additional 2,043 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of MaxLinear by 0.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 535,230 shares of the semiconductor company’s stock worth $5,813,000 after purchasing an additional 2,039 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in MaxLinear by 23.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 182,362 shares of the semiconductor company’s stock valued at $1,980,000 after purchasing an additional 35,152 shares during the last quarter. 90.79% of the stock is currently owned by institutional investors and hedge funds.

About MaxLinear

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.