Silicon Motion Technology Corporation (NASDAQ:SIMO) Sees Significant Drop in Short Interest

Silicon Motion Technology Corporation (NASDAQ:SIMO) saw a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 594,671 shares, a decline of 16.3% from the January 15th total of 710,723 shares. Based on an average daily trading volume, of 662,233 shares, the short-interest ratio is presently 0.9 days. Approximately 1.8% of the company’s shares are short sold. Approximately 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 662,233 shares, the short-interest ratio is presently 0.9 days.

Institutional Trading of Silicon Motion Technology

A number of hedge funds and other institutional investors have recently modified their holdings of 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 increased its holdings in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after purchasing an additional 151 shares during the last quarter. Arax Advisory Partners raised its position in shares of Silicon Motion Technology by 220.9% in the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after purchasing an additional 307 shares in 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 purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at approximately $71,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Silicon Motion Technology Trading Down 1.5%

Shares of SIMO stock opened at $136.28 on Monday. The firm has a fifty day simple moving average of $107.48 and a 200-day simple moving average of $94.52. The company has a market capitalization of $4.63 billion, a PE ratio of 37.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.06. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $144.68.

Wall Street Analyst Weigh In

SIMO has been the subject of several research analyst reports. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. William Blair started coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating for the company. Wedbush lifted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Needham & Company LLC boosted their price objective on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Susquehanna raised their target price on shares of Silicon Motion Technology from $95.00 to $120.00 and gave the company a “positive” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $132.50.

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.