Silicon Motion Technology (NASDAQ:SIMO) Stock Price Down 4.9% – Time to Sell?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price fell 4.9% during mid-day trading on Wednesday . The company traded as low as $112.86 and last traded at $112.7680. 463,384 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 685,770 shares. The stock had previously closed at $118.64.

Analyst Ratings Changes

Several brokerages recently issued reports on SIMO. William Blair began coverage on Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating for the company. Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Wall Street Zen cut shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $160.00 price target on shares of Silicon Motion Technology in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $132.50.

Silicon Motion Technology Trading Down 5.4%

The firm has a market capitalization of $3.81 billion, a PE ratio of 30.87, a price-to-earnings-growth ratio of 0.82 and a beta of 1.02. The firm has a 50-day moving average of $124.73 and a two-hundred day moving average of $104.06.

Institutional Investors Weigh In On Silicon Motion Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SIMO. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology in the third quarter worth about $26,000. WealthCollab LLC grew its stake in 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 purchasing an additional 151 shares in the last quarter. Arax Advisory Partners increased its holdings in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after purchasing an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing 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 4th quarter valued at approximately $71,000. Hedge funds and other institutional investors 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.