Silicon Motion Technology Corp. (NASDAQ:SIMO) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $55.95 and last traded at $55.73, with a volume of 444,400 shares changing hands. The stock had previously closed at $54.22.

A number of brokerages have issued reports on SIMO. B. Riley reissued a “buy” rating and set a $64.50 price objective on shares of Silicon Motion Technology Corp. in a research report on Tuesday. Brean Capital reissued a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Monday. Nomura reissued a “buy” rating and set a $62.00 price objective (up from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Tuesday, July 12th. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective (up from $47.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, July 7th. Finally, Susquehanna restated a “positive” rating and set a $56.00 target price (up previously from $48.00) on shares of Silicon Motion Technology Corp. in a report on Wednesday, July 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $46.04.

The stock has a 50-day moving average price of $47.74 and a 200 day moving average price of $38.64. The stock has a market cap of $1.94 billion and a P/E ratio of 28.90.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last released its earnings results on Wednesday, April 27th. The company reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.03. During the same quarter in the previous year, the business earned $0.48 EPS. The business earned $112.68 million during the quarter, compared to analysts’ expectations of $106.23 million. The business’s revenue for the quarter was up 39.7% on a year-over-year basis. On average, equities analysts expect that Silicon Motion Technology Corp. will post $2.94 earnings per share for the current year.

Other hedge funds have added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in 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 worth $12,483,000 after buying an additional 2,473 shares during the last quarter. Garelick Capital Partners LP acquired a new stake in Silicon Motion Technology Corp. during the fourth quarter worth $7,955,000. 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 worth $6,410,000 after buying an additional 96,294 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in Silicon Motion Technology Corp. during the fourth quarter worth $1,162,000.

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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