Pixelworks (NASDAQ:PXLW) Price Target Cut to $2.00

Pixelworks (NASDAQ:PXLW) had its price objective reduced by equities research analysts at Needham & Company LLC from $2.50 to $2.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential upside of 138.21% from the stock’s previous close.

PXLW has been the topic of a number of other research reports. StockNews.com upgraded shares of Pixelworks from a “sell” rating to a “hold” rating in a research note on Tuesday, May 21st. Craig Hallum reduced their target price on shares of Pixelworks from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday, May 15th. Finally, Roth Mkm reduced their target price on shares of Pixelworks from $3.00 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 15th.

Pixelworks Stock Performance

PXLW traded down $0.01 during trading on Thursday, reaching $0.84. 311,814 shares of the company’s stock were exchanged, compared to its average volume of 256,184. Pixelworks has a fifty-two week low of $0.80 and a fifty-two week high of $3.08. The company has a quick ratio of 4.51, a current ratio of 4.78 and a debt-to-equity ratio of 0.03. The business has a 50 day moving average price of $0.97 and a 200 day moving average price of $1.71. The company has a market capitalization of $48.53 million, a P/E ratio of -2.15 and a beta of 1.63.

Pixelworks (NASDAQ:PXLW) last posted its quarterly earnings results on Tuesday, May 14th. The semiconductor company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Pixelworks had a negative net margin of 33.22% and a negative return on equity of 55.94%. The firm had revenue of $16.05 million for the quarter, compared to the consensus estimate of $16.00 million. As a group, analysts predict that Pixelworks will post -0.51 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Todd Debonis sold 24,842 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $1.15, for a total transaction of $28,568.30. Following the transaction, the chief executive officer now owns 1,765,223 shares in the company, valued at approximately $2,030,006.45. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PXLW. Traynor Capital Management Inc. bought a new stake in Pixelworks during the 1st quarter worth about $39,000. SG Americas Securities LLC bought a new stake in Pixelworks during the 1st quarter worth about $50,000. Susquehanna Fundamental Investments LLC bought a new stake in Pixelworks during the 1st quarter worth about $84,000. Essex Investment Management Co. LLC bought a new stake in Pixelworks during the 4th quarter worth about $255,000. Finally, Renaissance Technologies LLC raised its holdings in Pixelworks by 5.9% during the 2nd quarter. Renaissance Technologies LLC now owns 495,700 shares of the semiconductor company’s stock worth $487,000 after purchasing an additional 27,800 shares during the last quarter. Institutional investors and hedge funds own 21.37% of the company’s stock.

About Pixelworks

Pixelworks, Inc, together with its subsidiaries, develops and markets semiconductor and software solutions for mobile, home and enterprise, and cinema markets in the United States, Japan, China, Taiwan, Korea, and Europe. The company offers imageprocessor integrated circuits, such as embedded microprocessors, digital signal processing technology, and software that control the operations and signal processing within high-end display systems; visual processor integrated circuits that works with a mobile application processor; and transcoder integrated circuits which includes software that control the operations and signal processing for converting multiple bitrates, resolutions and codecs to provide bandwidth efficient video transmissions based on industry standard protocols.