Pixelworks, Inc. (PXLW) Shares Up on Large Volume After Craig-Hallum Initiates Coverage with “Buy” Rating

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Pixelworks, Inc. (NASDAQ:PXLW) shares are up significantly in afternoon trading today after banking firm Craig-Hallum initiated coverage of the stock with a “Buy” rating.

Pixelworks, Inc. (NASDAQ:PXLW), a company founded bak in 1997, creates pixel and video processing software and semiconductors, as well as digital displays, projectors and signage. The report, by Richard Shannon, an analyst for the banking firm was very positive in nature, leading investors to flock to the stock in morning trading.

With the Christmas shopping season here, there is no doubt that Ultra HDTVs and projectors could lead to great revenue for this company. It should be interesting to see how well this stock does after Craig-Hallum has provided their recommendation.

The stock is up 15.34% or $0.39 following the news, hitting $2.94 per share. About 1.36 million shares traded hands or up 259.00% from the average. PXLW has declined 40.56% since May 1, 2015 and is currently downtrending. It has underperformed the S&P500 by 37.78%.

From a total of 3 analysts covering Pixelworks (NASDAQ:PXLW) stock, 3 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $7 while the lowest target price is $6. The mean of all analyst targets is $6.31 which is 114.63% above today’s ($2.94) stock price. Pixelworks was the topic of 5 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Dougherty & Company maintained shares on November 6 with a “Buy” rating. TH Capital maintained PXLW stock in a recent report from November 6 with a “Buy” rating.

The institutional sentiment increased to 1.58 in Q2 2015. It’s up 0.78, from 0.8 in 2015Q1. The ratio improved, as 9 funds sold all their Pixelworks, Inc. shares they owned while 10 reduced their positions. 12 funds bought stakes while 18 increased their total positions. Institutions now own 6.92 million shares which is 23.91% less than the previous share count of 9.10 million in 2015Q1.

Connective Capital Management Llc holds 1.87% of its total portfolio in Pixelworks, Inc., equating to 451,530 shares. Millrace Asset Group Inc. owns 214,708 shares representing 1.32% of their total US portfolio. Moreover, Prescott Group Capital Management L.L.C. has 0.57% of their total portfolio invested in the company, equating to 491,040 shares. The New Jersey-based Raging Capital Management Llc has a total of 0.52% of their portfolio invested in the stock. Piper Jaffray & Co., a Minnesota-based fund reported 85,000 shares owned.

Pixelworks, Inc. designs, develops and markets video and pixel processing semiconductors, intellectual property cores, software and custom application specific integrated circuit solutions for digital video applications. The company has a market cap of $76.16 million. The Company’s products allow manufacturers and developers of digital display and projection devices to manufacture screens of all sizes. It currently has negative earnings. It provides its clients with software development tools and with software that provides basic functionality for its integrated circuits and enables connectivity of its customers’ products.

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