Pixelworks Inc. (PXLW) Lifted to Buy at Zacks Investment Research
Pixelworks Inc. (NASDAQ:PXLW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $3.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 8.30% from the company’s previous close.
According to Zacks, “Pixelworks Inc. design, develop and market semiconductors and software that enable the visual display of broadband content through a wide variety of electronic devices. Broadband content includes video, computer graphics and visual Web information delivered at high speeds via cable and telecommunications lines to the homes and offices. The semiconductors integrate a microprocessor, memory and image processing circuits that function like a computer on a single chip, or system-on-a-chip. “
Pixelworks (NASDAQ:PXLW) opened at 2.77 on Tuesday. Pixelworks has a 52 week low of $1.22 and a 52 week high of $5.25. The company has a 50-day moving average of $2.53 and a 200-day moving average of $2.13. The firm’s market cap is $78.41 million.
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Pixelworks (NASDAQ:PXLW) last posted its quarterly earnings results on Thursday, July 28th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The company earned $12.58 million during the quarter, compared to analyst estimates of $12.02 million. The company’s revenue for the quarter was down 16.6% compared to the same quarter last year. Equities research analysts forecast that Pixelworks will post ($0.24) earnings per share for the current fiscal year.
Other hedge funds and institutional investors have modified their holdings of the company. Keane Capital Partners LLC acquired a new position in shares of Pixelworks during the first quarter worth about $821,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Pixelworks by 17.5% in the first quarter. Jacobs Levy Equity Management Inc. now owns 207,202 shares of the company’s stock worth $454,000 after buying an additional 30,811 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Pixelworks by 113.1% in the first quarter. Renaissance Technologies LLC now owns 190,700 shares of the company’s stock worth $418,000 after buying an additional 101,200 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in shares of Pixelworks during the first quarter worth about $109,000. Finally, Geode Capital Management LLC boosted its position in shares of Pixelworks by 7.6% in the first quarter. Geode Capital Management LLC now owns 128,838 shares of the company’s stock worth $282,000 after buying an additional 9,135 shares in the last quarter.
Separately, Roth Capital restated a “buy” rating on shares of Pixelworks in a report on Thursday, July 28th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $3.50.
In other Pixelworks news, CFO Steven L. Moore acquired 20,050 shares of Pixelworks stock in a transaction dated Monday, August 8th. The stock was purchased at an average cost of $2.47 per share, for a total transaction of $49,523.50. Following the completion of the acquisition, the chief financial officer now directly owns 397,636 shares of the company’s stock, valued at $982,160.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Pixelworks, Inc designs, develops and markets video and pixel processing semiconductors, intellectual property cores, software and custom application specific integrated circuit (ASIC) solutions for digital video applications. The Company is engaged in the design and development of integrated circuits (ICs) for use in electronic display devices.
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