Silicon Motion Technology (NASDAQ:SIMO) Trading Down 6.4% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price traded down 6.4% during mid-day trading on Wednesday . The company traded as low as $270.85 and last traded at $271.6340. 216,091 shares were traded 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

A number of research analysts have recently issued reports on the stock. Susquehanna lifted 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 report on Thursday, April 30th. Needham & Company LLC lifted their price objective on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. JPMorgan Chase & Co. lifted 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 report on Friday, May 1st. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Silicon Motion Technology currently has a consensus rating of “Buy” and a consensus target price of $205.63.

Silicon Motion Technology Stock Performance

The business’s 50 day moving average is $179.29 and its 200 day moving average is $133.17. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 0.87 and a beta of 1.67.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the business earned $0.60 EPS. Sell-side analysts predict that Silicon Motion Technology Corporation will post 7.87 EPS for the current year.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Assetmark Inc. lifted its position in Silicon Motion Technology by 2.3% in the first quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock valued at $316,000 after buying an additional 63 shares during the last quarter. Wedbush Securities Inc. lifted its position in Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock valued at $434,000 after buying an additional 79 shares during the last quarter. NewEdge Wealth LLC lifted its position in Silicon Motion Technology by 3.6% in the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock valued at $244,000 after buying an additional 91 shares during the last quarter. Ballentine Partners LLC lifted its position in Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock valued at $371,000 after buying an additional 110 shares during the last quarter. Finally, Penn Capital Management Company LLC lifted its position in Silicon Motion Technology by 2.3% in the third quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock valued at $552,000 after buying an additional 132 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.