Silicon Motion Technology (NASDAQ:SIMO) Trading Up 9.1% – Should You Buy?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price was up 9.1% on Wednesday . The company traded as high as $308.40 and last traded at $308.4030. 659,947 shares were traded during trading, a decline of 22% from the average daily volume of 841,501 shares. The stock had previously closed at $282.68.

Analyst Ratings Changes

A number of research firms recently issued reports on SIMO. Weiss Ratings lowered Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Roth Mkm reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research report on Wednesday, April 29th. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research report on Thursday, April 30th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $222.14.

Silicon Motion Technology Trading Up 4.7%

The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of 63.95, a PEG ratio of 0.75 and a beta of 1.72. The firm has a 50-day moving average of $228.81 and a 200 day moving average of $153.75.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $299.53 million. During the same quarter in the previous year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. Equities research analysts predict that Silicon Motion Technology Corporation will post 7.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Several institutional investors have recently bought and sold shares of SIMO. Apis Capital Advisors LLC lifted its stake in Silicon Motion Technology by 11.7% during the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer’s stock valued at $27,116,000 after purchasing an additional 30,000 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Silicon Motion Technology by 44.3% during the fourth quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer’s stock worth $1,510,000 after buying an additional 5,002 shares in the last quarter. UBS Group AG grew its position in Silicon Motion Technology by 39.0% in the fourth quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer’s stock worth $32,588,000 after buying an additional 98,548 shares during the last quarter. Neumeier Poma Investment Counsel LLC grew its position in Silicon Motion Technology by 10.7% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer’s stock worth $45,363,000 after buying an additional 46,208 shares during the last quarter. Finally, Granahan Investment Management LLC increased its holdings in shares of Silicon Motion Technology by 59.7% in the third quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer’s stock valued at $19,698,000 after buying an additional 77,667 shares in the last quarter. 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.