Silicon Motion Technology (NASDAQ:SIMO) Stock Price Up 6.1% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price rose 6.1% during mid-day trading on Tuesday . The stock traded as high as $252.05 and last traded at $254.4380. Approximately 523,002 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 791,731 shares. The stock had previously closed at $239.76.

Wall Street Analyst Weigh In

SIMO has been the subject of several recent analyst reports. 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. Weiss Ratings cut shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a 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 stock an “overweight” rating in a report on Friday, May 1st. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Price Performance

The firm has a market capitalization of $8.70 billion, a P/E ratio of 51.24, a price-to-earnings-growth ratio of 0.80 and a beta of 1.67. The stock’s 50-day simple moving average is $155.24 and its two-hundred day simple moving average is $123.26.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $342.11 million during the quarter, compared to analyst estimates of $299.53 million. During the same period in the prior year, the business posted $0.60 earnings per share. The company’s revenue was up 105.5% on a year-over-year basis. On average, analysts forecast that Silicon Motion Technology Corporation will post 7.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in Silicon Motion Technology by 33.2% during the first quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer’s stock valued at $27,442,000 after purchasing an additional 60,970 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Silicon Motion Technology by 78.9% in the first quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock valued at $130,000 after acquiring an additional 511 shares during the period. Royal Bank of Canada raised its stake in shares of Silicon Motion Technology by 4.5% in the first quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer’s stock valued at $5,506,000 after acquiring an additional 2,110 shares during the period. Hawk Ridge Capital Management LP raised its stake in shares of Silicon Motion Technology by 48.9% in the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock valued at $131,752,000 after acquiring an additional 385,568 shares during the period. Finally, Maverick Capital Ltd. purchased a new stake in shares of Silicon Motion Technology in the first quarter valued at $827,000. Institutional investors own 78.02% of the company’s stock.

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.