Tidal Investments LLC Increases Stock Position in Silicon Motion Technology Corporation $SIMO

Tidal Investments LLC raised its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 135.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 116,620 shares of the semiconductor producer’s stock after purchasing an additional 67,178 shares during the period. Tidal Investments LLC’s holdings in Silicon Motion Technology were worth $38,873,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Assetmark Inc. increased its holdings in shares of Silicon Motion Technology by 2.3% in the 1st quarter. Assetmark Inc. now owns 2,814 shares of the semiconductor producer’s stock worth $316,000 after buying an additional 63 shares during the last quarter. Wedbush Securities Inc. lifted its holdings in shares of Silicon Motion Technology by 1.7% during the 4th quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer’s stock worth $434,000 after acquiring an additional 79 shares during the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Silicon Motion Technology by 3.6% during the 4th quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer’s stock worth $244,000 after acquiring an additional 91 shares during the last quarter. Cooper Investors PTY Ltd. purchased a new position in Silicon Motion Technology in the second quarter worth $34,000. Finally, Ballentine Partners LLC grew its position in Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer’s stock worth $371,000 after acquiring an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SIMO shares. Craig Hallum restated a “buy” rating and set a $325.00 price target on shares of Silicon Motion Technology in a research report on Friday, July 31st. Roth Capital reiterated a “buy” rating and issued a $350.00 price objective on shares of Silicon Motion Technology in a report on Thursday, July 30th. Susquehanna increased their price objective on Silicon Motion Technology from $275.00 to $350.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $341.43.

Silicon Motion Technology Trading Up 2.1%

SIMO opened at $277.70 on Thursday. Silicon Motion Technology Corporation has a 12 month low of $79.76 and a 12 month high of $355.00. The business’s 50-day moving average price is $264.54 and its 200-day moving average price is $222.63. The company has a market cap of $9.42 billion, a P/E ratio of 32.56, a P/E/G ratio of 0.47 and a beta of 1.71.

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

Insider Buying and Selling

In related news, Director Kenneth Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director directly owned 8,500 shares of the company’s stock, valued at $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Han-Ping Shieh sold 1,000 shares of the company’s stock in a transaction on 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 owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.34% of the company’s stock.

About Silicon Motion Technology

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.