Silicon Motion Technology Corp. (NASDAQ:SIMO) shares traded down 2.4% on Thursday . The company traded as low as $53.88 and last traded at $54.23, with a volume of 671,333 shares changing hands. The stock had previously closed at $55.55.

A number of research analysts recently weighed in on the stock. B. Riley restated a “buy” rating and set a $47.75 price objective on shares of Silicon Motion Technology Corp. in a research report on Wednesday, May 4th. Brean Capital restated a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Wednesday, April 27th. Ladenburg Thalmann downgraded shares of Silicon Motion Technology Corp. from a “buy” rating to a “neutral” rating and set a $35.00 price objective on the stock. in a research report on Wednesday, April 6th. Susquehanna restated a “buy” rating and set a $48.00 price objective (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Silicon Motion Technology Corp. presently has a consensus rating of “Buy” and a consensus target price of $47.18.

The firm’s 50-day moving average is $48.18 and its 200-day moving average is $38.90. The company has a market capitalization of $1.80 billion and a P/E ratio of 26.81.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last released its earnings results on Thursday, July 21st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Equities analysts predict that Silicon Motion Technology Corp. will post $2.94 EPS for the current fiscal year.

A number of hedge funds recently added to or reduced their stakes in the company. Garelick Capital Partners LP bought a new stake in Silicon Motion Technology Corp. during the fourth quarter worth approximately $7,955,000. Royce & Associates LLC boosted 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 period. GSA Capital Partners LLP bought a new stake in Silicon Motion Technology Corp. during the fourth quarter worth approximately $1,162,000. Finally, Principal Financial Group Inc. boosted 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 period.

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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