Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) saw strong trading volume on Friday . 743,101 shares were traded during mid-day trading, an increase of 16% from the previous session’s volume of 640,328 shares.The stock last traded at $52.20 and had previously closed at $50.39.

SIMO has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective (up previously from $47.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday. Susquehanna reissued a “positive” rating and set a $56.00 price objective (up previously from $48.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday. B. Riley reissued a “buy” rating and set a $47.75 price objective on shares of Silicon Motion Technology Corp. in a research report on Saturday, July 2nd. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $42.44.

The stock has a market capitalization of $1.83 billion and a PE ratio of 27.16. The company’s 50 day moving average price is $45.41 and its 200 day moving average price is $37.44.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last issued its quarterly earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.03. The firm earned $112.68 million during the quarter, compared to analyst estimates of $106.23 million. The firm’s revenue for the quarter was up 39.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. On average, equities analysts expect that Silicon Motion Technology Corp. will post $2.91 EPS for the current year.

Several hedge funds recently added to or reduced their stakes in SIMO. GSA Capital Partners LLP bought a new stake in Silicon Motion Technology Corp. during the fourth quarter valued at $1,162,000. Great West Life Assurance Co. Can bought a new stake in Silicon Motion Technology Corp. during the fourth quarter valued at $1,573,000. CG Asset Management LLC raised its stake in Silicon Motion Technology Corp. by 76.6% in the fourth quarter. CG Asset Management LLC now owns 97,820 shares of the company’s stock valued at $3,068,000 after buying an additional 42,420 shares in the last quarter. Royce & Associates LLC raised its stake in Silicon Motion Technology Corp. by 89.1% in the fourth quarter. Royce & Associates LLC now owns 204,400 shares of the company’s stock valued at $6,410,000 after buying an additional 96,294 shares in the last quarter. Finally, Garelick Capital Partners LP bought a new stake in Silicon Motion Technology Corp. during the fourth quarter valued at $7,955,000.

Silicon Motion Technology Corporation (SMTC) is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. For the mobile storage market, the Company’s products are microcontrollers used in solid state storage devices, such as Solid State Drives (SSDs), Embedded Multimedia Cards (eMMCs) and other embedded flash applications, as well as removable storage products.

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