AIGH Capital Management LLC bought a new stake in Silicon Motion Technology Corporation (NASDAQ:SIMO – Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 200,000 shares of the semiconductor producer’s stock, valued at approximately $22,458,000. Silicon Motion Technology comprises approximately 3.1% of AIGH Capital Management LLC’s investment portfolio, making the stock its 4th biggest position.
A number of other hedge funds have also recently made changes to their positions in the company. Wedbush Securities Inc. grew its holdings in shares of Silicon Motion Technology by 1.7% during the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock worth $434,000 after purchasing an additional 79 shares during the last quarter. NewEdge Wealth LLC raised its holdings in Silicon Motion Technology by 3.6% in the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after buying an additional 91 shares during the last quarter. Ballentine Partners LLC raised its holdings in Silicon Motion Technology by 2.8% in the 4th quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock valued at $371,000 after buying an additional 110 shares during the last quarter. Penn Capital Management Company LLC raised its holdings in Silicon Motion Technology by 2.3% in the 3rd quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock valued at $552,000 after buying an additional 132 shares during the last quarter. Finally, WealthCollab LLC boosted its position in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the period. 78.02% of the stock is owned by institutional investors and hedge funds.
Silicon Motion Technology Price Performance
Shares of SIMO stock opened at $313.30 on Thursday. The business’s 50 day simple moving average is $279.36 and its 200 day simple moving average is $176.16. Silicon Motion Technology Corporation has a one year low of $70.12 and a one year high of $355.00. The stock has a market capitalization of $10.62 billion, a PE ratio of 62.29, a PEG ratio of 0.66 and a beta of 1.70.
Insiders Place Their Bets
In other news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction 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 sale, the director directly owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction 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 approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,000 shares of company stock worth $1,239,250. Insiders own 5.34% of the company’s stock.
Analysts Set New Price Targets
SIMO has been the topic of a number of research reports. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wall Street Zen downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. JPMorgan Chase & Co. lifted their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Roth Capital reissued a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Finally, B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $246.43.
Read Our Latest Stock Report on Silicon Motion Technology
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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