George Soros (Trades, Portfolio) made a significant share purchase of his holding MaxLinear Inc. (MXL, Financial) on May 26, according to a filing released June 5 on GuruFocus Real Time Picks.
Soros’ acquisition of 1,919,273 shares represents a 250.34% increase over his previous holding of 766,666 shares purchased in the first quarter this year. After the transaction he held 2,685,939 shares in total, or 5.19% of the company.
Max Linear is a $623.8 million market cap maker of radio-frequency analog and mixed-signal semiconductors for broadband communications applications used in cable, satellite and over-the-air applications.
The company’s share price surged 44.5% year to date to close at $10.71 per share on Friday.
For the first quarter, MaxLinear announced revenue of $35.4 million, a 9% increase from the same quarter a year ago, driven by strong demand across its cable and satellite platform solutions, with satellite revenue nearly doubling quarter over quarter.
The company also had a net loss of $4.7 million, or $0.12 per diluted share including $2.5 million in fees and expenses related to its acquisition of Entropic Communications and $0.6 million in severance costs. The results compared to a net loss of $2.5 million, or $0.9 million, or $0.02 per diluted share for the same quarter a year ago. It ended the quarter with $81.3 million in cash on its balance sheet, versus $79.4 million at year-end.
MaxLinear’s share price was near a three-year high on Friday and its P/S ratio of 2.7 was near a one-year high. Its P/B ratio is 4.
Other Gurus with investments in MaxLinear are Chuck Royce (Trades, Portfolio), RS Investment Management (Trades, Portfolio) and Jim Simons (Trades, Portfolio).
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