Silicon Motion Technology Co. (NASDAQ:SIMO) Short Interest Update

Silicon Motion Technology Co. (NASDAQ:SIMO) saw a large decrease in short interest in September. As of September 30th, there was short interest totalling 777,000 shares, a decrease of 21.0% from the September 15th total of 984,000 shares. Currently, 2.3% of the shares of the company are short sold. Based on an average trading volume of 334,800 shares, the days-to-cover ratio is presently 2.3 days.

Analysts Set New Price Targets

SIMO has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. B. Riley lowered their price objective on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Wedbush restated an “outperform” rating and issued a $90.00 price target on shares of Silicon Motion Technology in a research note on Wednesday, October 2nd. Morgan Stanley lowered their target price on shares of Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and lowered their target price for the company from $90.00 to $60.00 in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Silicon Motion Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.11.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC lifted its stake in Silicon Motion Technology by 161.5% during the first quarter. Acadian Asset Management LLC now owns 1,336,448 shares of the semiconductor producer’s stock worth $102,779,000 after purchasing an additional 825,394 shares in the last quarter. Reinhart Partners LLC. increased its stake in Silicon Motion Technology by 43.3% during the third quarter. Reinhart Partners LLC. now owns 1,080,375 shares of the semiconductor producer’s stock worth $65,622,000 after purchasing an additional 326,358 shares during the period. Farallon Capital Management LLC increased its stake in Silicon Motion Technology by 247.0% during the first quarter. Farallon Capital Management LLC now owns 855,449 shares of the semiconductor producer’s stock worth $65,818,000 after purchasing an additional 608,949 shares during the period. Millennium Management LLC boosted its stake in shares of Silicon Motion Technology by 15.3% in the second quarter. Millennium Management LLC now owns 791,823 shares of the semiconductor producer’s stock valued at $64,130,000 after purchasing an additional 105,084 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Silicon Motion Technology in the first quarter valued at approximately $53,676,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Silicon Motion Technology Stock Down 3.3 %

Shares of Silicon Motion Technology stock traded down $1.93 on Tuesday, reaching $57.27. 181,761 shares of the stock were exchanged, compared to its average volume of 386,496. The business has a 50 day moving average price of $60.24 and a two-hundred day moving average price of $71.32. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of 25.30, a PEG ratio of 0.95 and a beta of 0.83. Silicon Motion Technology has a twelve month low of $51.85 and a twelve month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. Silicon Motion Technology had a return on equity of 10.31% and a net margin of 10.14%. The business had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. During the same period in the previous year, the business earned $0.33 earnings per share. The business’s revenue was up 50.1% compared to the same quarter last year. Research analysts forecast that Silicon Motion Technology will post 2.86 EPS for the current year.

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.