Silicon Motion Technology (NASDAQ:SIMO) Shares Down 6.4% – Time to Sell?

Silicon Motion Technology Corporation (NASDAQ:SIMO) dropped 6.4% during mid-day trading on Wednesday . The stock traded as low as $270.85 and last traded at $271.6340. Approximately 216,091 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 812,530 shares. The stock had previously closed at $290.32.

Analyst Ratings Changes

SIMO has been the topic of several analyst reports. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. Roth Mkm reiterated a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Wedbush upped their target price on shares of Silicon Motion Technology from $180.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, April 30th. B. Riley Financial reiterated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $205.63.

Silicon Motion Technology Price Performance

The company has a market cap of $9.37 billion, a P/E ratio of 54.92, a P/E/G ratio of 0.85 and a beta of 1.67. The stock’s 50-day moving average is $172.99 and its two-hundred day moving average is $130.51.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm’s revenue for the quarter was up 105.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 earnings per share. On average, analysts predict that Silicon Motion Technology Corporation will post 7.77 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its position in Silicon Motion Technology by 87.6% in the first quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer’s stock worth $3,522,000 after acquiring an additional 32,527 shares during the period. Goldman Sachs Group Inc. raised its position in Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer’s stock worth $3,741,000 after acquiring an additional 44,976 shares during the period. Geode Capital Management LLC raised its position in Silicon Motion Technology by 2.6% in the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer’s stock worth $2,842,000 after acquiring an additional 962 shares during the period. Creative Planning bought a new position in Silicon Motion Technology in the second quarter worth approximately $324,000. Finally, Legal & General Group Plc raised its position in Silicon Motion Technology by 141.4% in the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer’s stock worth $732,000 after acquiring an additional 5,704 shares during the period. 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.