Short Interest in Silicon Motion Technology Corporation (NASDAQ:SIMO) Expands By 70.0%

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 1,071,129 shares, an increase of 70.0% from the May 14th total of 630,042 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily trading volume, of 1,142,975 shares, the short-interest ratio is presently 0.9 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SIMO. Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Wedbush increased their target price on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. increased their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Silicon Motion Technology has an average rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Stock Up 7.8%

NASDAQ SIMO traded up $21.98 during trading hours on Wednesday, hitting $304.66. 320,910 shares of the stock were exchanged, compared to its average volume of 838,975. The company has a market cap of $10.33 billion, a price-to-earnings ratio of 60.50, a price-to-earnings-growth ratio of 0.67 and a beta of 1.72. Silicon Motion Technology has a 12-month low of $68.79 and a 12-month high of $314.34. The stock has a 50-day moving average of $220.91 and a 200 day moving average of $150.57.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million for the quarter, compared to analyst estimates of $299.53 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. Silicon Motion Technology’s quarterly revenue was up 105.5% on a year-over-year basis. On average, equities research analysts expect that Silicon Motion Technology will post 7.65 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology during the third quarter worth $26,000. WealthCollab LLC increased 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 buying an additional 151 shares in the last quarter. Arax Advisory Partners increased its holdings in Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after buying an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in Silicon Motion Technology in the fourth quarter valued at about $71,000. Institutional investors and hedge funds 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.