Silicon Motion Technology Corporation (NASDAQ:SIMO) Sees Large Growth in Short Interest

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totaling 662,726 shares, an increase of 34.9% from the December 15th total of 491,338 shares. Based on an average daily trading volume, of 239,479 shares, the days-to-cover ratio is currently 2.8 days. Currently, 2.1% of the company’s shares are short sold. Currently, 2.1% of the company’s shares are short sold. Based on an average daily trading volume, of 239,479 shares, the days-to-cover ratio is currently 2.8 days.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $112.87 on Friday. Silicon Motion Technology has a fifty-two week low of $37.21 and a fifty-two week high of $123.30. The firm’s 50-day simple moving average is $93.33 and its two-hundred day simple moving average is $87.41. The stock has a market cap of $3.84 billion, a PE ratio of 38.79, a price-to-earnings-growth ratio of 1.26 and a beta of 1.05.

Silicon Motion Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s dividend payout ratio (DPR) is 68.73%.

Wall Street Analysts Forecast Growth

SIMO has been the topic of a number of recent analyst reports. Roth Capital reissued a “buy” rating and issued a $120.00 price target on shares of Silicon Motion Technology in a report on Friday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of Silicon Motion Technology in a research note on Monday, November 3rd. B. Riley boosted their price target on Silicon Motion Technology from $125.00 to $135.00 and gave the company a “buy” rating in a report on Monday. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Susquehanna boosted their target price on Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research note on Monday, November 3rd. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and an average target price of $113.13.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds have recently added to or reduced their stakes in SIMO. Royal Bank of Canada raised its position in shares of Silicon Motion Technology by 87.6% in the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after purchasing an additional 32,527 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after buying an additional 44,976 shares in the last quarter. Diversified Trust Co bought a new stake in shares of Silicon Motion Technology during the second quarter valued at approximately $649,000. GAMMA Investing LLC raised its holdings in Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after acquiring an additional 529 shares during the last quarter. Finally, Ballentine Partners LLC bought a new position in Silicon Motion Technology in the 2nd quarter valued at approximately $301,000. 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.