Silicon Motion Technology (NASDAQ:SIMO) Shares Down 7.8% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price fell 7.8% on Thursday . The stock traded as low as $202.51 and last traded at $200.6260. 645,103 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 715,200 shares. The stock had previously closed at $217.50.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SIMO. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday. Susquehanna upped their target price on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research report on Thursday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Friday, March 27th. JPMorgan Chase & Co. upped their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Wedbush upped their target price on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research report on Thursday. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Up 7.2%

The firm’s 50-day moving average is $130.66 and its 200-day moving average is $111.85. The company has a market capitalization of $7.97 billion, a PE ratio of 46.62, a price-to-earnings-growth ratio of 1.47 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The company had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. During the same period in the previous year, the business earned $0.60 earnings per share. The firm’s quarterly revenue was up 105.5% compared to the same quarter last year. As a group, equities research analysts predict that Silicon Motion Technology Corporation will post 5.29 EPS for the current year.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology during the third quarter valued at about $26,000. WealthCollab LLC increased its stake in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the period. Arax Advisory Partners lifted its position in Silicon Motion Technology by 220.9% in 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 last quarter. EverSource Wealth Advisors LLC lifted its position in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology in the fourth quarter valued at approximately $71,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Silicon Motion Technology Company 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.