Silicon Motion Technology Corp. (NASDAQ:SIMO)’s share price traded down 1.8% during mid-day trading on Friday . The company traded as low as $52.66 and last traded at $53.15, with a volume of 365,271 shares traded. The stock had previously closed at $54.14.

A number of equities analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Silicon Motion Technology Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research report on Tuesday, June 28th. Brean Capital restated a “buy” rating and issued a $60.00 target price (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a report on Monday, July 11th. Susquehanna restated a “buy” rating and issued a $48.00 target price (up previously from $46.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, April 28th. B. Riley restated a “buy” rating and issued a $64.50 target price on shares of Silicon Motion Technology Corp. in a report on Tuesday, July 19th. Finally, Needham & Company LLC restated a “buy” rating and issued a $60.00 target price (up previously from $47.00) on shares of Silicon Motion Technology Corp. in a report on Thursday, July 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $47.32.

The firm’s 50-day moving average price is $50.26 and its 200-day moving average price is $40.54. The company has a market capitalization of $1.89 billion and a PE ratio of 23.81.

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, beating analysts’ consensus estimates of $0.76 by $0.10. On average, analysts anticipate that Silicon Motion Technology Corp. will post $3.26 earnings per share for the current fiscal year.

Several large investors recently made changes to their positions in the stock. GSA Capital Partners LLP bought a new stake in shares of Silicon Motion Technology Corp. during the fourth quarter worth $1,162,000. 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 valued at $6,410,000 after buying an additional 96,294 shares during the last quarter. Finally, 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 valued at $12,483,000 after buying an additional 2,473 shares during the last quarter.

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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