Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 5.4% – What’s Next?

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares were down 5.4% during mid-day trading on Friday . The stock traded as low as $265.55 and last traded at $252.9640. 93,020 shares changed hands during trading, a decline of 89% from the average session volume of 868,671 shares. The stock had previously closed at $267.43.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SIMO shares. Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. B. Riley Financial upped their price target on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $350.00 price target on shares of Silicon Motion Technology in a report on Thursday, July 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Silicon Motion Technology in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $341.43.

Silicon Motion Technology Stock Down 4.2%

The business’s 50 day moving average price is $286.45 and its 200-day moving average price is $201.70. The company has a market cap of $8.69 billion, a PE ratio of 30.03, a price-to-earnings-growth ratio of 0.44 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating the consensus estimate of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to the consensus estimate of $403.41 million. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The business’s quarterly revenue was up 127.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.69 earnings per share. Equities analysts expect that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current year.

Insider Transactions at Silicon Motion Technology

In related news, Director Kuan-Ming Lin sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors have recently made changes to their positions in the business. Brown Brothers Harriman & Co. acquired a new stake in shares of Silicon Motion Technology during the third quarter worth approximately $26,000. WealthCollab LLC raised its holdings in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after acquiring an additional 151 shares in the last quarter. Cooper Investors PTY Ltd. acquired a new stake in Silicon Motion Technology in the second quarter valued at $34,000. Arax Advisory Partners boosted its stake in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares during the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

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.