Silicon Motion Technology (NASDAQ:SIMO) Trading Up 5.9% – Should You Buy?

by · The Cerbat Gem

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) were up 5.9% during mid-day trading on Friday . The stock traded as high as $248.53 and last traded at $249.50. Approximately 125,875 shares were traded during trading, a decline of 86% from the average session volume of 894,793 shares. The stock had previously closed at $235.70.

Wall Street Analyst Weigh In

SIMO has been the subject of a number of research reports. Weiss Ratings upgraded Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. B. Riley Financial increased their price target on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $350.00 price target on shares of Silicon Motion Technology in a research note on Thursday, July 30th. Susquehanna upped their target price on Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research note on Friday, July 31st. Finally, Wall Street Zen lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $341.43.

Check Out Our Latest Stock Analysis on Silicon Motion Technology

Silicon Motion Technology Trading Up 7.9%

The firm has a 50 day moving average of $269.04 and a two-hundred day moving average of $218.90. The stock has a market capitalization of $8.63 billion, a PE ratio of 29.90, a P/E/G ratio of 0.42 and a beta of 1.71.

Silicon Motion Technology (NASDAQ:SIMO – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. The business had revenue of $451.00 million during the quarter, compared to analysts’ expectations of $403.41 million. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business’s revenue for the quarter was up 127.0% on a year-over-year basis. During the same quarter last year, the business posted $0.69 earnings per share. Equities research analysts forecast that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insiders Place Their Bets

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the sale, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This trade represents a 11.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the sale, the director owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SIMO. Wolf Hill Capital Management LP acquired a new position in shares of Silicon Motion Technology in the 4th quarter valued at about $53,893,000. Hawk Ridge Capital Management LP increased its stake in shares of Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer’s stock worth $73,024,000 after buying an additional 415,000 shares during the last quarter. Man Group plc raised its holdings in Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer’s stock valued at $35,323,000 after acquiring an additional 339,663 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Silicon Motion Technology by 112.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer’s stock valued at $47,802,000 after acquiring an additional 225,221 shares during the last quarter. Finally, AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology in the 1st quarter worth about $22,458,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Company Profile

(Get Free Report)

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.

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