Polar Asset Management Partners Inc. Invests $3.17 Million in Silicon Motion Technology Corporation $SIMO

Polar Asset Management Partners Inc. purchased a new position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 28,218 shares of the semiconductor producer’s stock, valued at approximately $3,169,000. Polar Asset Management Partners Inc. owned 0.08% of Silicon Motion Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. acquired a new position in Silicon Motion Technology in the 3rd 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 valued at $32,000 after buying an additional 151 shares during the period. Arax Advisory Partners grew its holdings 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 valued at $41,000 after acquiring an additional 307 shares in the last quarter. EverSource Wealth Advisors LLC grew 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 valued at $44,000 after acquiring an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in shares of Silicon Motion Technology in the fourth quarter worth $71,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on SIMO shares. Zacks Research upgraded Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Wedbush boosted their target price on Silicon Motion Technology from $230.00 to $400.00 and gave the company an “outperform” rating in a research note on Monday, June 22nd. Craig Hallum reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Wall Street Zen downgraded Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 4th. Finally, Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $246.43.

Insider Buying and Selling

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This represents a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 4,000 shares of company stock valued at $1,239,250 in the last ninety days. Company insiders own 5.34% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO opened at $244.45 on Tuesday. The company has a market cap of $8.29 billion, a PE ratio of 48.60, a price-to-earnings-growth ratio of 0.60 and a beta of 1.70. The stock has a 50-day moving average of $291.08 and a 200-day moving average of $193.84. Silicon Motion Technology Corporation has a 52-week low of $71.35 and a 52-week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating 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 business had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. During the same period last year, the business earned $0.60 EPS. The firm’s revenue was up 105.5% compared to the same quarter last year. On average, research analysts predict that Silicon Motion Technology Corporation will post 8.48 earnings per share for the current year.

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.