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

MaxLinear, Inc (NASDAQ:MXL) shares gapped down before the market opened on Friday. The stock had previously closed at $71.61, but opened at $63.94. MaxLinear shares last traded at $66.9840, with a volume of 338,833 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MXL shares. Wall Street Zen raised MaxLinear from a “hold” rating to a “buy” rating in a report on Sunday, July 26th. Weiss Ratings restated a “sell (d-)” rating on shares of MaxLinear in a research report on Thursday, October 15th. Wells Fargo & Company cut their price objective on shares of MaxLinear from $95.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 20th. Susquehanna set a $70.00 price target on MaxLinear in a report on Friday, October 23rd. Finally, Zacks Research raised MaxLinear from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $94.30.

MaxLinear Stock Performance

The stock has a market cap of $5.97 billion, a price-to-earnings ratio of -177.45 and a beta of 3.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.57 and a current ratio of 2.22. The company’s 50 day simple moving average is $77.15 and its 200 day simple moving average is $59.12.

MaxLinear (NASDAQ:MXL) last issued its quarterly earnings results on Thursday, October 22nd. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $218.06 million during the quarter, compared to analyst estimates of $214.95 million. MaxLinear had a negative net margin of 4.45% and a positive return on equity of 12.89%. The business’s revenue for the quarter was up 72.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 EPS. On average, equities research analysts anticipate that MaxLinear, Inc will post 1.10 earnings per share for the current year.

Insider Buying and Selling

In other MaxLinear news, CEO Kishore Seendripu sold 351,454 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $85.95, for a total value of $30,207,471.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.70% of the stock is currently owned by insiders.

Institutional Trading of MaxLinear

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in MaxLinear in the second quarter worth about $1,754,062,000. The Manufacturers Life Insurance Company bought a new position in shares of MaxLinear during the 2nd quarter valued at about $165,221,000. AIGH Capital Management LLC bought a new position in shares of MaxLinear during the 2nd quarter valued at about $104,729,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MaxLinear during the 2nd quarter valued at about $81,056,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of MaxLinear in the 2nd quarter worth approximately $65,213,000. Institutional investors and hedge funds own 90.79% of the company’s stock.

About MaxLinear

MaxLinear, Inc is a fabless semiconductor company that designs, develops and sells integrated circuits and related solutions for broadband communications, wired and wireless infrastructure, data centers, industrial applications and consumer electronics. Its products are used by equipment manufacturers and service providers to support the transmission, processing and management of voice, video and data.

The company’s portfolio includes broadband access system-on-chip products, Ethernet transceivers and controllers, high-speed interconnect and communications devices, radio-frequency and analog products, optical and copper connectivity solutions, and power-management components.