Silicon Motion Technology (NASDAQ:SIMO) Shares Down 6.4% – Time to Sell?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares fell 6.4% on Wednesday . The stock traded as low as $270.85 and last traded at $271.6340. 216,091 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 812,530 shares. The stock had previously closed at $290.32.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SIMO. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Roth Mkm 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. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Finally, Susquehanna increased their price objective on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Performance

The company has a market capitalization of $9.37 billion, a P/E ratio of 54.92, a P/E/G ratio of 0.85 and a beta of 1.67. The business’s fifty day simple moving average is $172.99 and its 200-day simple moving average is $130.51.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. Silicon Motion Technology’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. As a group, analysts forecast that Silicon Motion Technology Corporation will post 7.77 EPS for the current year.

Institutional Trading of Silicon Motion Technology

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology in the 3rd quarter valued at $26,000. WealthCollab LLC grew its stake in shares of Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares in the last quarter. Arax Advisory Partners grew its stake in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after buying an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $71,000. 78.02% of the stock is currently owned by 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.