Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) was the recipient of a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 1,071,129 shares, an increase of 70.0% from the May 14th total of 630,042 shares. Based on an average daily trading volume, of 1,142,975 shares, the days-to-cover ratio is currently 0.9 days. Currently, 3.3% of the shares of the company are short sold.
Institutional Investors Weigh In On Silicon Motion Technology
Several hedge funds have recently modified their holdings of SIMO. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology during the 3rd quarter valued at $26,000. WealthCollab LLC grew its holdings in Silicon Motion Technology by 77.4% during the 4th 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 holdings in Silicon Motion Technology by 220.9% during the 4th 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 holdings in Silicon Motion Technology by 169.4% during the 2nd 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 acquired a new stake in Silicon Motion Technology during the 4th quarter valued at $71,000. 78.02% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on SIMO shares. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, May 1st. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a report on Thursday, April 30th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $205.63.
Silicon Motion Technology Stock Up 1.0%
Shares of NASDAQ SIMO traded up $2.87 during trading on Tuesday, hitting $279.27. 403,147 shares of the company traded hands, compared to its average volume of 838,450. Silicon Motion Technology has a 1 year low of $68.41 and a 1 year high of $314.34. The company has a 50-day moving average price of $217.54 and a 200-day moving average price of $149.19. The firm has a market capitalization of $9.47 billion, a P/E ratio of 55.52, a P/E/G ratio of 0.68 and a beta of 1.72.
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last announced its quarterly earnings data 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 company had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same period in the previous year, the company earned $0.60 EPS. The business’s quarterly revenue was up 105.5% compared to the same quarter last year. Research analysts predict that Silicon Motion Technology will post 7.65 EPS for the current fiscal year.
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.
Read More
- Five stocks we like better than Silicon Motion Technology
- Is Lennar Finally Turning the Corner After Its Housing Slump?
- AI Memory Demand Has Turned These 5 S&P 500 Stocks Into Market Leaders
- 3 Dividend Kings With Income, Stability, and a Possible Catalyst
- Plot Twist: How the $110B Paramount-Warner Deal Rewrites Media
Receive News & Ratings for Silicon Motion Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silicon Motion Technology and related companies with MarketBeat.com's FREE daily email newsletter.
