Short Interest in Silicon Motion Technology Corporation (NASDAQ:SIMO) Declines By 16.3%

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 594,671 shares, a drop of 16.3% from the January 15th total of 710,723 shares. Based on an average trading volume of 662,233 shares, the short-interest ratio is currently 0.9 days. Approximately 1.8% of the company’s shares are short sold. Approximately 1.8% of the company’s shares are short sold. Based on an average trading volume of 662,233 shares, the short-interest ratio is currently 0.9 days.

Silicon Motion Technology Stock Performance

NASDAQ:SIMO traded up $1.40 during mid-day trading on Wednesday, hitting $132.76. 475,823 shares of the company’s stock traded hands, compared to its average volume of 844,647. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $144.68. The company has a market capitalization of $4.51 billion, a P/E ratio of 36.47, a P/E/G ratio of 0.93 and a beta of 1.06. The company has a fifty day moving average of $109.08 and a 200 day moving average of $95.33.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Needham & Company LLC boosted their target price on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Craig Hallum reaffirmed a “buy” rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Susquehanna raised their target price on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a report on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Buy” and an average price target of $132.50.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Frontier Capital Management Co. LLC raised its stake in Silicon Motion Technology by 115.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock worth $96,301,000 after acquiring an additional 686,261 shares during the last quarter. Wolf Hill Capital Management LP acquired a new position in Silicon Motion Technology in the 4th quarter worth approximately $53,893,000. Hawk Ridge Capital Management LP lifted its stake in Silicon Motion Technology by 111.3% during the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock valued at $73,024,000 after acquiring an additional 415,000 shares during the period. Ophir Asset Management Pty Ltd purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at $27,941,000. Finally, Man Group plc increased its stake in shares of Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock worth $35,323,000 after acquiring an additional 339,663 shares during the period. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.