MaxLinear (NASDAQ:MXL) Stock Price Up 8.2% – Here’s What Happened

MaxLinear, Inc (NASDAQ:MXL)’s stock price rose 8.2% during trading on Wednesday . The stock traded as high as $75.50 and last traded at $74.7070. 468,555 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 3,202,340 shares. The stock had previously closed at $69.02.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Stifel Nicolaus lifted their price objective on MaxLinear from $110.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Weiss Ratings restated a “sell (d-)” rating on shares of MaxLinear in a report on Friday, July 17th. Northland Securities set a $110.00 target price on MaxLinear in a research note on Wednesday, June 3rd. Roth Capital lifted their price target on MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Finally, Benchmark started coverage on shares of MaxLinear in a research report on Wednesday, May 27th. They set a “buy” rating and a $125.00 price target on the stock. Five equities research 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. According to MarketBeat, MaxLinear presently has a consensus rating of “Hold” and a consensus target price of $85.00.

MaxLinear Price Performance

The company has a debt-to-equity ratio of 0.26, a current ratio of 1.78 and a quick ratio of 1.15. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of -64.41 and a beta of 3.95. The stock has a 50 day moving average price of $82.76 and a two-hundred day moving average price of $54.97.

MaxLinear (NASDAQ:MXL) last posted its earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $168.85 million for the quarter, compared to analyst estimates of $164.64 million. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.MaxLinear’s revenue was up 55.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, analysts expect that MaxLinear, Inc will post 0.78 EPS for the current year.

Insider Activity

In other news, Director Thomas E. Pardun sold 11,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,155,000.00. Following the sale, the director owned 55,252 shares of the company’s stock, valued at approximately $5,801,460. This represents a 16.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On MaxLinear

Several large investors have recently added to or reduced their stakes in MXL. BlackRock Inc. acquired a new stake in MaxLinear during the 2nd quarter worth approximately $1,754,062,000. Invesco Ltd. grew its stake in shares of MaxLinear by 419.9% in the fourth quarter. Invesco Ltd. now owns 2,149,589 shares of the semiconductor company’s stock worth $37,467,000 after acquiring an additional 1,736,141 shares in the last quarter. AIGH Capital Management LLC acquired a new position in shares of MaxLinear in the second quarter worth $104,729,000. Paradigm Capital Management Inc. NY increased its position in shares of MaxLinear by 582.7% during the fourth quarter. Paradigm Capital Management Inc. NY now owns 861,000 shares of the semiconductor company’s stock worth $15,007,000 after acquiring an additional 734,875 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of MaxLinear during the second quarter worth $81,056,000. 90.79% of the stock is owned by hedge funds and other institutional investors.

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.