Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) saw unusually-high trading volume on Thursday . Approximately 848,387 shares were traded during mid-day trading, an increase of 81% from the previous session’s volume of 467,714 shares.The stock last traded at $48.47 and had previously closed at $50.95.

SIMO has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Silicon Motion Technology Corp. from a “hold” rating to a “strong-buy” rating and set a $64.00 price objective on the stock in a research report on Thursday, July 21st. Susquehanna restated a “positive” rating and set a $56.00 price target (up from $48.00) on shares of Silicon Motion Technology Corp. in a research report on Wednesday, July 6th. Brean Capital restated a “buy” rating on shares of Silicon Motion Technology Corp. in a research report on Monday, July 18th. Needham & Company LLC restated a “buy” rating and set a $47.00 price target on shares of Silicon Motion Technology Corp. in a research report on Wednesday, June 29th. Finally, Nomura restated a “buy” rating and set a $62.00 price target (up from $46.00) on shares of Silicon Motion Technology Corp. in a research report on Tuesday, July 12th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $50.96.

The stock has a market cap of $1.79 billion and a price-to-earnings ratio of 22.55. The firm has a 50-day moving average of $53.12 and a 200-day moving average of $43.01.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its earnings results on Thursday, July 21st. The company reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.10. On average, analysts predict 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. boosted its stake in 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 (SEC). The firm owned 398,067 shares of the company’s stock after buying an additional 2,473 shares during the period. Principal Financial Group Inc. owned approximately 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.

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