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

Silicon Motion Technology Co. (NASDAQ:SIMO) was the target of a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 491,100 shares, a growth of 30.3% from the March 31st total of 377,000 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average trading volume of 570,800 shares, the days-to-cover ratio is presently 0.9 days.

Several large investors have recently added to or reduced their stakes in SIMO. Great West Life Assurance Co. Can increased its holdings in Silicon Motion Technology by 28.9% in the 3rd quarter. Great West Life Assurance Co. Can now owns 71,223 shares of the semiconductor producer’s stock valued at $2,690,000 after buying an additional 15,978 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at approximately $314,000. Brinker Capital Investments LLC acquired a new position in Silicon Motion Technology during the 3rd quarter worth approximately $993,000. Sei Investments Co. lifted its stake in Silicon Motion Technology by 5.1% in the 3rd quarter. Sei Investments Co. now owns 89,100 shares of the semiconductor producer’s stock valued at $3,378,000 after purchasing an additional 4,352 shares during the last quarter. Finally, Diversified Trust Co increased its holdings in Silicon Motion Technology by 28.8% in the fourth quarter. Diversified Trust Co now owns 41,309 shares of the semiconductor producer’s stock valued at $1,989,000 after purchasing an additional 9,231 shares during the period. Hedge funds and other institutional investors own 66.72% of the company’s stock.

Several equities research analysts have commented on SIMO shares. Craig Hallum upped their target price on shares of Silicon Motion Technology from $55.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, February 4th. B. Riley lifted their price target on shares of Silicon Motion Technology from $75.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, April 15th. Needham & Company LLC increased their price objective on shares of Silicon Motion Technology from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, April 13th. Zacks Investment Research raised shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Monday, January 11th. Finally, Roth Capital upped their target price on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, April 8th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $67.33.

Shares of SIMO stock traded down $3.44 during trading on Tuesday, reaching $66.52. 664,061 shares of the company’s stock were exchanged, compared to its average volume of 534,680. The firm’s fifty day moving average price is $65.46 and its 200-day moving average price is $52.33. Silicon Motion Technology has a twelve month low of $35.13 and a twelve month high of $74.10. The stock has a market capitalization of $2.34 billion, a PE ratio of 22.32, a PEG ratio of 2.08 and a beta of 1.06.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, February 2nd. The semiconductor producer reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.15. Silicon Motion Technology had a net margin of 18.92% and a return on equity of 18.13%. The firm had revenue of $143.90 million during the quarter, compared to the consensus estimate of $143.08 million. During the same period last year, the business posted $0.96 earnings per share. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Silicon Motion Technology will post 2.75 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 20th. Investors of record on Thursday, May 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Wednesday, May 5th. Silicon Motion Technology’s dividend payout ratio (DPR) is currently 76.37%.

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. It offers solid-state drive (SSDs) used in PCs and other devices, as well as embedded multimediacard (eMMC) and UFS mobile embedded storage used in smartphones.

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