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

MaxLinear, Inc. (NASDAQ:MXL)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $17.40, but opened at $18.63. MaxLinear shares last traded at $19.80, with a volume of 986,954 shares trading hands.

Analyst Upgrades and Downgrades

MXL has been the subject of a number of research reports. Wells Fargo & Company started coverage on shares of MaxLinear in a research report on Friday, November 22nd. They set an “equal weight” rating and a $14.00 target price for the company. Susquehanna cut shares of MaxLinear from a “positive” rating to a “neutral” rating and dropped their price objective for the stock from $26.00 to $15.00 in a research note on Tuesday, October 1st. Benchmark restated a “buy” rating and set a $22.00 price target on shares of MaxLinear in a research report on Thursday, October 24th. Craig Hallum dropped their price objective on MaxLinear from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of MaxLinear in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.29.

MaxLinear Price Performance

The stock’s 50-day moving average is $14.56 and its 200 day moving average is $16.03. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.38 and a current ratio of 1.95. The stock has a market capitalization of $1.58 billion, a PE ratio of -6.93 and a beta of 1.87.

MaxLinear (NASDAQ:MXL) last posted its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported ($0.36) earnings per share for the quarter, missing the consensus estimate 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%. MaxLinear’s revenue was down 40.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.02) earnings per share. As a group, equities analysts expect that MaxLinear, Inc. will post -1.66 earnings per share for the current year.

Insider Buying and Selling

In other MaxLinear news, VP William Torgerson sold 6,100 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $15.40, for a total transaction of $93,940.00. Following the completion of the transaction, the vice president now owns 179,262 shares of the company’s stock, valued at approximately $2,760,634.80. This trade represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ted L. Tewksbury III sold 5,800 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $15.36, for a total value of $89,088.00. Following the completion of the sale, the director now owns 69,717 shares in the company, valued at $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. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of MaxLinear

A number of hedge funds have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. raised its position in shares of MaxLinear by 5,114.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 126,863 shares of the semiconductor company’s stock worth $1,837,000 after buying an additional 124,430 shares during the period. Quantbot Technologies LP raised its position in MaxLinear by 111.7% in the third quarter. Quantbot Technologies LP now owns 66,363 shares of the semiconductor company’s stock valued at $961,000 after purchasing an additional 35,018 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new position in shares of MaxLinear during the third quarter worth about $16,696,000. Mirabella Financial Services LLP purchased a new stake in shares of MaxLinear in the third quarter worth about $551,000. Finally, Millennium Management LLC grew its stake in shares of MaxLinear by 307.9% in the second quarter. Millennium Management LLC now owns 1,044,648 shares of the semiconductor company’s stock valued at $21,039,000 after buying an additional 788,558 shares in the last quarter. 90.79% of the stock is owned by institutional investors and hedge funds.

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.