Why Shares of MagnaChip Semiconductor Slumped Today
Shares of semiconductor manufacturer MagnaChip Semiconductor Corp. (NYSE: MX) slumped on Thursday after the company announced a secondary offering by existing shareholders. A little over 4 million shares are expected to be sold, with the company set to receive no proceeds from the sale. The stock closed on Thursday down about 11.5%.
MagnaChip announced on Wednesday that shareholders affiliated with Avenue Capital Management II, L.P. intended to offer and sell about 4.09 million shares of the company's common stock. Barclays will be the sole book-running manager and underwriter.
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Source: Fool.com
Magnachip Semiconductor Stock
€4.52
1.360%
Currently there is a rather positive sentiment for Magnachip Semiconductor with 5 Buy predictions and 1 Sell predictions.
As a result the target price of 7 € shows a very positive potential of 54.87% compared to the current price of 4.52 € for Magnachip Semiconductor.
