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

Silicon Motion Technology Corporation (NASDAQ:SIMO) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totaling 342,704 shares, a decline of 23.9% from the March 15th total of 450,530 shares. Based on an average daily volume of 518,542 shares, the short-interest ratio is presently 0.7 days. Currently, 1.1% of the shares of the stock are sold short.

Silicon Motion Technology Trading Down 1.5%

NASDAQ:SIMO traded down $2.03 during trading hours on Thursday, hitting $137.00. 526,011 shares of the stock were exchanged, compared to its average volume of 667,574. Silicon Motion Technology has a 52-week low of $37.82 and a 52-week high of $146.85. The firm’s fifty day moving average price is $125.51 and its 200 day moving average price is $107.22. The company has a market cap of $4.66 billion, a P/E ratio of 37.64, a P/E/G ratio of 0.88 and a beta of 1.09.

Institutional Investors Weigh In On Silicon Motion Technology

Large investors have recently bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology during the 3rd quarter worth approximately $26,000. WealthCollab LLC grew its position in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Arax Advisory Partners grew its position in shares of 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 in the last quarter. EverSource Wealth Advisors LLC grew its position 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 valued at $44,000 after purchasing an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in shares of 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.

Analyst Ratings Changes

Several brokerages recently weighed in on SIMO. Needham & Company LLC lifted their price target on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Roth Mkm set a $140.00 price target on Silicon Motion Technology and gave the company a “buy” rating in a research note on Wednesday, February 4th. Wedbush lifted their price target on Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Finally, Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

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.