Silicon Motion Technology Co. (NASDAQ:SIMO) Short Interest Update


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Silicon Motion Technology Co. (NASDAQ:SIMO) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 491,100 shares, an increase of 30.3% from the March 31st total of 377,000 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily volume of 570,800 shares, the short-interest ratio is presently 0.9 days.

Several hedge funds and other institutional investors have recently bought and sold shares of SIMO. Envestnet Asset Management Inc. lifted its holdings in Silicon Motion Technology by 10.0% during the first quarter. Envestnet Asset Management Inc. now owns 84,449 shares of the semiconductor producer’s stock worth $5,015,000 after acquiring an additional 7,683 shares during the period. Comerica Bank purchased a new stake in shares of Silicon Motion Technology during the 1st quarter valued at $6,257,000. Janney Montgomery Scott LLC increased its position in shares of Silicon Motion Technology by 8.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 59,319 shares of the semiconductor producer’s stock valued at $3,523,000 after purchasing an additional 4,570 shares during the last quarter. AE Wealth Management LLC bought a new stake in shares of Silicon Motion Technology during the 1st quarter worth $510,000. Finally, NJ State Employees Deferred Compensation Plan purchased a new position in shares of Silicon Motion Technology in the 1st quarter worth about $238,000. Hedge funds and other institutional investors own 66.72% of the company’s stock.

SIMO stock traded down $3.44 during midday trading on Tuesday, hitting $66.52. The stock had a trading volume of 664,061 shares, compared to its average volume of 534,680. The business has a fifty day moving average price of $65.46 and a two-hundred day moving average price of $52.33. Silicon Motion Technology has a 1-year low of $35.13 and a 1-year high of $74.10. The firm has a market cap of $2.34 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 2.08 and a beta of 1.06.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, February 2nd. The semiconductor producer reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.15. The business had revenue of $143.90 million during the quarter, compared to the consensus estimate of $143.08 million. Silicon Motion Technology had a return on equity of 18.13% and a net margin of 18.92%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.96 earnings per share. Analysts predict that Silicon Motion Technology will post 2.75 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Investors of record on Thursday, May 6th will be issued a $0.35 dividend. The ex-dividend date is Wednesday, May 5th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.10%. Silicon Motion Technology’s dividend payout ratio is presently 76.37%.

A number of research firms have recently weighed in on SIMO. Craig Hallum lifted their target price on Silicon Motion Technology from $55.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, February 4th. Needham & Company LLC increased their target price on Silicon Motion Technology from $72.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, April 13th. Zacks Investment Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Monday, January 11th. Roth Capital increased their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, April 8th. Finally, B. Riley lifted their target price on Silicon Motion Technology from $75.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, April 15th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $67.33.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. It offers solid-state drive (SSDs) used in PCs and other devices, as well as embedded multimediacard (eMMC) and UFS mobile embedded storage used in smartphones.

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