Silicon Motion Technology Corp. (NASDAQ:SIMO) shares were down 0.9% during mid-day trading on Tuesday . The stock traded as low as $52.50 and last traded at $52.85, with a volume of 327,695 shares traded. The stock had previously closed at $53.33.

Several research analysts have recently issued reports on SIMO shares. Brean Capital restated a “buy” rating on shares of Silicon Motion Technology Corp. in a report on Wednesday, April 27th. B. Riley reiterated a “buy” rating and set a $47.75 target price on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Susquehanna reiterated a “buy” rating and set a $48.00 target price (up from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Needham & Company LLC reiterated a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Thursday, April 28th. Finally, Zacks Investment Research lowered shares of Silicon Motion Technology Corp. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 8th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Silicon Motion Technology Corp. currently has a consensus rating of “Buy” and a consensus price target of $50.96.

The firm has a 50-day moving average price of $53.00 and a 200 day moving average price of $42.76. The company has a market capitalization of $1.86 billion and a P/E ratio of 23.47.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly 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 EPS for the current year.

An institutional investor recently raised its position in Silicon Motion Technology Corp. stock. Principal Financial Group Inc. increased its position in shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) by 0.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 398,067 shares of the company’s stock after buying an additional 2,473 shares during the period. Principal Financial Group Inc. owned 1.14% of Silicon Motion Technology Corp. worth $12,483,000 at the end of the most recent 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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.