Traders Purchase Large Volume of Silicon Motion Technology Call Options (NASDAQ:SIMO)

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw some unusual options trading activity on Friday. Stock investors purchased 3,447 call options on the stock. This is an increase of 294% compared to the typical daily volume of 875 call options.

Analyst Ratings Changes

Several analysts recently commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their target price on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, November 3rd. Roth Mkm restated a “buy” rating and set a $120.00 price objective on shares of Silicon Motion Technology in a report on Friday, October 31st. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Zacks Research lowered Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, November 24th. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.13.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of SIMO. Reinhart Partners LLC. grew its holdings in Silicon Motion Technology by 2.0% in the third quarter. Reinhart Partners LLC. now owns 1,500,934 shares of the semiconductor producer’s stock worth $142,305,000 after purchasing an additional 29,351 shares during the period. Acadian Asset Management LLC raised its holdings in Silicon Motion Technology by 4.1% during the 2nd quarter. Acadian Asset Management LLC now owns 1,310,353 shares of the semiconductor producer’s stock valued at $98,453,000 after buying an additional 51,978 shares during the period. Pertento Partners LLP increased its stake in Silicon Motion Technology by 2.5% in the 3rd quarter. Pertento Partners LLP now owns 1,290,409 shares of the semiconductor producer’s stock worth $122,344,000 after buying an additional 31,405 shares during the period. Frontier Capital Management Co. LLC raised its position in Silicon Motion Technology by 115.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer’s stock valued at $96,301,000 after purchasing an additional 686,261 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Silicon Motion Technology by 2.3% in the third quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after acquiring an additional 17,741 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Trading Up 2.7%

Shares of NASDAQ:SIMO traded up $3.11 on Friday, reaching $119.28. 519,365 shares of the company’s stock were exchanged, compared to its average volume of 806,400. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $127.67. The company has a fifty day moving average of $98.28 and a 200-day moving average of $89.96. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 41.44, a PEG ratio of 1.30 and a beta of 1.05.

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.