Silicon Motion Technology (NASDAQ:SIMO) Stock Price Up 10.7% – Should You Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s stock price 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 mid-day trading, a decline of 89% from the average session volume of 848,338 shares. The stock had previously closed at $300.71.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of research analyst reports. Craig Hallum restated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Thursday, April 30th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Wedbush raised their price objective on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Roth Mkm reiterated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Buy” and a consensus price target of $246.43.

Silicon Motion Technology Trading Up 10.9%

The firm has a market capitalization of $11.30 billion, a price-to-earnings ratio of 66.31, a P/E/G ratio of 0.67 and a beta of 1.70. The firm’s 50-day moving average is $269.67 and its 200 day moving average is $171.43.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same period in the prior year, the company posted $0.60 EPS. The company’s revenue was up 105.5% on a year-over-year basis. Analysts predict that Silicon Motion Technology Corporation will post 8.35 EPS for the current year.

Insider Buying and Selling at Silicon Motion Technology

In related news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director owned 8,500 shares of the company’s stock, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the sale, the director owned 7,500 shares of the company’s stock, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is currently owned by insiders.

Institutional Trading of Silicon Motion Technology

Institutional investors have recently added to or reduced their stakes in the stock. Wolf Hill Capital Management LP acquired a new stake in Silicon Motion Technology during the 4th quarter valued at approximately $53,893,000. Hawk Ridge Capital Management LP raised its holdings in Silicon Motion Technology by 111.3% during the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock worth $73,024,000 after purchasing an additional 415,000 shares during the last quarter. Man Group plc lifted its position in shares of Silicon Motion Technology by 820.7% in the 4th quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock worth $35,323,000 after purchasing an additional 339,663 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Silicon Motion Technology by 112.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock worth $47,802,000 after purchasing an additional 225,221 shares during the period. Finally, AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology in the 1st quarter valued at $22,458,000. 78.02% of the stock is currently owned by 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.