Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 5.4% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price was down 5.4% during mid-day trading on Friday . The stock traded as low as $265.55 and last traded at $252.9640. 93,020 shares were traded during trading, a decline of 89% from the average daily volume of 868,671 shares. The stock had previously closed at $267.43.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Susquehanna increased their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a report on Friday, July 31st. Craig Hallum reaffirmed a “buy” rating and set a $325.00 price objective on shares of Silicon Motion Technology in a research report on Friday, July 31st. B. Riley Financial lifted their target price on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Silicon Motion Technology in a research note on Monday. One 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 MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Down 3.1%

The business has a 50-day simple moving average of $286.87 and a two-hundred day simple moving average of $201.32. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 30.33, a PEG ratio of 0.43 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million for the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The firm’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 EPS. As a group, equities analysts anticipate that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total transaction 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. This represents a 11.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred 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 transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 4,000 shares of company stock valued at $1,239,250. Corporate insiders own 5.34% of the company’s stock.

Institutional Trading of Silicon Motion Technology

Several large investors have recently modified their holdings of the company. Legacy Wealth Asset Management LLC raised its holdings in Silicon Motion Technology by 92.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 4,496 shares of the semiconductor producer’s stock worth $1,499,000 after acquiring an additional 2,158 shares during the period. UNICOM Systems Inc. bought a new stake in Silicon Motion Technology during the second quarter valued at about $13,733,000. Strategic Investment Solutions Inc. IL bought a new stake in Silicon Motion Technology during the second quarter valued at about $88,000. Foster Group Inc. bought a new stake in Silicon Motion Technology during the second quarter valued at about $307,000. Finally, Mirador Capital Partners LP acquired a new stake in shares of Silicon Motion Technology in the second quarter valued at about $2,908,000. 78.02% of the stock is owned by 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.