Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) shot up 2.1% during mid-day trading on Monday . The company traded as high as $53.50 and last traded at $52.80, with a volume of 438,011 shares trading hands. The stock had previously closed at $51.70.

A number of research firms have recently issued reports on SIMO. Zacks Investment Research raised Silicon Motion Technology Corp. from a “hold” rating to a “strong-buy” rating and set a $64.00 price objective for the company in a research report on Thursday, July 21st. Brean Capital reaffirmed a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Monday, July 18th. B. Riley reaffirmed a “buy” rating and issued a $64.50 price objective on shares of Silicon Motion Technology Corp. in a research report on Tuesday, July 19th. Nomura reaffirmed a “buy” rating and issued a $62.00 price objective (up from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Tuesday, July 12th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price objective (up from $47.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, July 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $47.32.

The company has a 50-day moving average price of $49.15 and a 200-day moving average price of $39.74. The company has a market cap of $1.86 billion and a PE ratio of 23.50.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last announced its earnings results on Thursday, July 21st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.10. Equities research analysts forecast that Silicon Motion Technology Corp. will post $3.26 earnings per share for the current year.

Several institutional investors have made changes to their positions in SIMO. Garelick Capital Partners LP acquired a new position in shares of Silicon Motion Technology Corp. during the fourth quarter worth $7,955,000. Royce & Associates LLC increased its position 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 worth $6,410,000 after buying an additional 96,294 shares during the last quarter. Principal Financial Group Inc. increased its position 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 worth $12,483,000 after buying an additional 2,473 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of 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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