MaxLinear (MXL) Stock Price Down 9% After Analyst Downgrade
MaxLinear, Inc. (NYSE:MXL) shares fell 9% during mid-day trading on Wednesday after Needham & Company LLC lowered their price target on the stock from $32.00 to $30.00. Needham & Company LLC currently has a buy rating on the stock. MaxLinear traded as low as $23.00 and last traded at $23.22. 2,463,083 shares changed hands during trading, an increase of 277% from the average session volume of 653,809 shares. The stock had previously closed at $25.52.
Other research analysts have also recently issued reports about the company. Zacks Investment Research cut MaxLinear from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Roth Capital reaffirmed a “buy” rating and set a $33.00 price objective on shares of MaxLinear in a research note on Friday, December 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $31.20.
In other news, VP Brendan Walsh sold 25,018 shares of the firm’s stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $28.00, for a total transaction of $700,504.00. Following the transaction, the vice president now directly owns 155,441 shares of the company’s stock, valued at $4,352,348. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.92% of the stock is currently owned by company insiders.
The company has a debt-to-equity ratio of 0.93, a current ratio of 2.23 and a quick ratio of 1.58. The company has a market capitalization of $1,550.00, a price-to-earnings ratio of 89.31 and a beta of 0.41.
MaxLinear (NYSE:MXL) last posted its earnings results on Tuesday, February 13th. The semiconductor company reported $0.38 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.01. The company had revenue of $113.72 million during the quarter, compared to analyst estimates of $114.01 million. MaxLinear had a net margin of 4.73% and a return on equity of 20.96%. equities research analysts predict that MaxLinear, Inc. will post 1.05 earnings per share for the current fiscal year.
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MaxLinear, Inc is a provider of radio frequency (RF) and mixed-signal integrated circuits for cable and satellite broadband communications and the connected home, and wired and wireless infrastructure markets. The Company’s RF receiver products capture and process digital and analog broadband signals to be decoded for various applications.
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