Kite Lake Capital Management UK LLP Sells 26,577 Shares of Silicon Motion Technology Corporation $SIMO

Kite Lake Capital Management UK LLP cut its holdings in Silicon Motion Technology Corporation (NASDAQ:SIMO) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 364,951 shares of the semiconductor producer’s stock after selling 26,577 shares during the quarter. Silicon Motion Technology comprises about 37.2% of Kite Lake Capital Management UK LLP’s investment portfolio, making the stock its 2nd biggest holding. Kite Lake Capital Management UK LLP owned 1.07% of Silicon Motion Technology worth $34,601,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Granahan Investment Management LLC boosted its position in shares of Silicon Motion Technology by 59.7% during the 3rd quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock valued at $19,698,000 after purchasing an additional 77,667 shares in the last quarter. CSM Advisors LLC bought a new stake in shares of Silicon Motion Technology in the 3rd quarter worth approximately $202,000. Centiva Capital LP lifted its stake in Silicon Motion Technology by 24.7% during the third quarter. Centiva Capital LP now owns 6,376 shares of the semiconductor producer’s stock valued at $605,000 after purchasing an additional 1,261 shares during the last quarter. Apis Capital Advisors LLC lifted its stake in Silicon Motion Technology by 11.7% during the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Creative Planning boosted its holdings in Silicon Motion Technology by 12.7% during the third quarter. Creative Planning now owns 4,856 shares of the semiconductor producer’s stock worth $460,000 after buying an additional 547 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $125.97 on Tuesday. Silicon Motion Technology Corporation has a fifty-two week low of $37.21 and a fifty-two week high of $146.85. The firm’s 50 day simple moving average is $123.41 and its 200-day simple moving average is $102.21. The company has a market cap of $4.28 billion, a P/E ratio of 34.61, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02.

Analysts Set New Price Targets

Several research firms have issued reports on SIMO. Wedbush lifted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Needham & Company LLC increased their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Craig Hallum reissued a “buy” rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. Finally, William Blair assumed coverage on Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat.com, Silicon Motion Technology presently has a consensus rating of “Buy” and a consensus target price of $132.50.

Silicon Motion Technology Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.