Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) were down 6.7% during mid-day trading on Monday . The company traded as low as $241.09 and last traded at $240.93. Approximately 177,003 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 905,050 shares. The stock had previously closed at $258.36.
Analyst Upgrades and Downgrades
SIMO has been the subject of several recent research reports. Wall Street Zen lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Craig Hallum reissued a “buy” rating and set a $325.00 target price on shares of Silicon Motion Technology in a research note on Friday, July 31st. Weiss Ratings upgraded shares of Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. B. Riley Financial raised their price target 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. Finally, Wedbush lifted their price target on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $341.43.
Check Out Our Latest Analysis on Silicon Motion Technology
Silicon Motion Technology Stock Performance
Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.30. The company had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business’s revenue for the quarter was up 127.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 EPS. Sell-side analysts predict that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.
Insider Activity at Silicon Motion Technology
In related news, Director Han-Ping Shieh sold 1,000 shares of the business’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 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the completion of the sale, the director owned 8,500 shares of the company’s stock, valued at $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,000 shares of company stock worth $1,239,250. 5.34% of the stock is owned by corporate insiders.
Institutional Trading of Silicon Motion Technology
Several institutional investors have recently modified their holdings of SIMO. Cooper Investors PTY Ltd. acquired a new position in Silicon Motion Technology during the second quarter worth about $34,000. Strategic Investment Solutions Inc. IL acquired a new stake in Silicon Motion Technology in the 2nd quarter valued at about $88,000. Brown Brothers Harriman & Co. acquired a new stake in Silicon Motion Technology in the 3rd quarter valued at about $26,000. Arax Advisory Partners boosted its position in shares of 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. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after purchasing an additional 366 shares during the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.
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.
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