Silicon Motion Technology (NASDAQ:SIMO) Shares Up 10.7% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares traded up 10.7% during trading on Monday . The stock traded as high as $330.99 and last traded at $332.9560. 90,995 shares traded hands during trading, a decline of 89% from the average session volume of 848,338 shares. The stock had previously closed at $300.71.

Analyst Ratings Changes

SIMO has been the topic of several research reports. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wedbush raised their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Weiss Ratings downgraded Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Craig Hallum reaffirmed a “buy” rating and set a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. Finally, Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $246.43.

Silicon Motion Technology Price Performance

The company has a market cap of $10.00 billion, a PE ratio of 58.63, a price-to-earnings-growth ratio of 0.71 and a beta of 1.70. The company has a 50-day moving average of $276.04 and a 200 day moving average of $174.56.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The company’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 earnings per share. Equities research analysts expect that Silicon Motion Technology Corporation will post 8.35 EPS for the current year.

Insider Buying and Selling at Silicon Motion Technology

In other news, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction of $328,000.00. Following the transaction, the director directly owned 7,500 shares of the company’s stock, valued at approximately $2,460,000. This represents a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 4,000 shares of company stock valued at $1,239,250 over the last ninety days. 5.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology during the 3rd quarter valued at $26,000. WealthCollab LLC lifted its position in shares of Silicon Motion Technology by 77.4% during the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the last quarter. Cooper Investors PTY Ltd. purchased a new stake in shares of Silicon Motion Technology during the second quarter valued at $34,000. Arax Advisory Partners boosted its stake in shares of Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

About Silicon Motion Technology

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.