Silicon Motion Technology Corp. (NASDAQ:SIMO)’s share price shot up 2.9% during mid-day trading on Monday . The company traded as high as $54.73 and last traded at $54.25, with a volume of 288,185 shares changing hands. The stock had previously closed at $52.74.

Several equities research analysts recently issued reports on the company. B. Riley reissued a “buy” rating and set a $47.75 price target on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Brean Capital reissued a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Wednesday, April 27th. Ladenburg Thalmann lowered Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research report on Wednesday, April 6th. Susquehanna reissued a “buy” rating and set a $48.00 price target (up from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Finally, Zacks Investment Research lowered Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $44.84.

The firm has a market capitalization of $1.90 billion and a P/E ratio of 28.21. The stock has a 50-day moving average of $46.90 and a 200-day moving average of $38.14.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last released its earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.65 by $0.03. The business earned $112.68 million during the quarter, compared to analyst estimates of $106.23 million. The business’s quarterly revenue was up 39.7% compared to the same quarter last year. During the same period last year, the business earned $0.48 EPS. Equities analysts expect that Silicon Motion Technology Corp. will post $2.94 EPS for the current year.

A number of hedge funds have added to or reduced their stakes in the stock. Garelick Capital Partners LP acquired a new stake in Silicon Motion Technology Corp. during the fourth quarter worth about $7,955,000. Royce & Associates LLC raised its stake in shares of 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 during the last quarter. Principal Financial Group Inc. raised its stake in shares of Silicon Motion Technology Corp. by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 398,067 shares of the company’s stock valued at $12,483,000 after buying an additional 2,473 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $1,162,000. Finally, Great West Life Assurance Co. Can purchased a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter valued at $1,573,000.

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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