Silicon Motion Technology (NASDAQ:SIMO) Shares Up 9.1% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares rose 9.1% during trading on Wednesday . The stock traded as high as $308.40 and last traded at $308.4030. Approximately 659,947 shares were traded during trading, a decline of 22% from the average daily volume of 841,501 shares. The stock had previously closed at $282.68.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Craig Hallum restated a “buy” rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wall Street Zen raised Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 3rd. Finally, Susquehanna upped their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Price Performance

The firm has a market capitalization of $10.41 billion, a P/E ratio of 61.06, a PEG ratio of 0.67 and a beta of 1.72. The firm’s 50 day moving average is $220.91 and its two-hundred day moving average is $150.57.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same period in the prior year, the firm posted $0.60 earnings per share. The company’s quarterly revenue was up 105.5% compared to the same quarter last year. Analysts anticipate that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new stake in Silicon Motion Technology in the third quarter valued at approximately $26,000. WealthCollab LLC boosted its stake in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after acquiring an additional 151 shares during the period. Arax Advisory Partners boosted its stake in shares of Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after acquiring an additional 307 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock worth $44,000 after acquiring an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology during the 4th quarter worth approximately $71,000. Institutional investors own 78.02% of the company’s stock.

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.