Silicon Motion Technology Corporation (NASDAQ:SIMO) Sees Significant Drop in Short Interest

Silicon Motion Technology Corporation (NASDAQ:SIMO) was the recipient of a significant decline in short interest in January. As of January 30th, there was short interest totaling 594,671 shares, a decline of 16.3% from the January 15th total of 710,723 shares. Currently, 1.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 662,233 shares, the short-interest ratio is currently 0.9 days. Based on an average daily trading volume, of 662,233 shares, the short-interest ratio is currently 0.9 days. Currently, 1.8% of the shares of the stock are sold short.

Analyst Ratings Changes

SIMO has been the subject of several research reports. JPMorgan Chase & Co. lifted their price objective on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Craig Hallum reissued a “buy” rating and issued a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Wall Street Zen upgraded shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $132.50.

Silicon Motion Technology Price Performance

Silicon Motion Technology stock opened at $136.28 on Monday. The stock has a market capitalization of $4.63 billion, a P/E ratio of 37.44, a P/E/G ratio of 0.93 and a beta of 1.06. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $144.68. The firm’s 50-day moving average is $107.48 and its two-hundred day moving average is $94.52.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds have recently made changes to their positions in the business. Brown Brothers Harriman & Co. purchased a new position in Silicon Motion Technology during the third quarter worth about $26,000. WealthCollab LLC lifted its holdings in shares of Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after acquiring an additional 151 shares during the period. Arax Advisory Partners boosted its position in shares of Silicon Motion Technology by 220.9% in the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock worth $41,000 after acquiring an additional 307 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC acquired a new position in Silicon Motion Technology during the fourth quarter worth approximately $71,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.