Short Interest in Silicon Motion Technology Corporation (NASDAQ:SIMO) Declines By 16.2%

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a significant decline in short interest in the month of March. As of March 13th, there was short interest totaling 450,530 shares, a decline of 16.2% from the February 26th total of 537,938 shares. Based on an average daily volume of 454,137 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.4% of the company’s shares are short sold.

Silicon Motion Technology Stock Up 7.0%

NASDAQ SIMO traded up $7.36 during trading on Tuesday, hitting $112.81. The stock had a trading volume of 221,933 shares, compared to its average volume of 685,712. The company has a market capitalization of $3.83 billion, a PE ratio of 30.90, a PEG ratio of 0.73 and a beta of 1.02. The firm has a 50 day moving average price of $124.46 and a 200 day moving average price of $104.74. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $146.85.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of research analyst reports. Roth Mkm set a $140.00 price target on Silicon Motion Technology and gave the stock a “buy” rating in a report on Wednesday, February 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Friday. B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Wedbush increased their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $132.50.

Institutional Investors Weigh In On Silicon Motion Technology

Several large investors have recently added to or reduced their stakes in the business. Apis Capital Advisors LLC increased its position in shares of Silicon Motion Technology by 11.7% during the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock worth $27,116,000 after acquiring an additional 30,000 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in Silicon Motion Technology in the second quarter valued at $263,000. SG Americas Securities LLC purchased a new position in Silicon Motion Technology in the third quarter valued at $1,070,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in Silicon Motion Technology during the 2nd quarter worth $1,210,000. Finally, Neumeier Poma Investment Counsel LLC grew its stake in Silicon Motion Technology by 10.7% during the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock worth $45,363,000 after purchasing an additional 46,208 shares in the last quarter. 78.02% of the stock is owned by hedge funds and other institutional investors.

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.