B. Riley Financial Issues Pessimistic Forecast for Silicon Motion Technology (NASDAQ:SIMO) Stock Price

Silicon Motion Technology (NASDAQ:SIMO) had its price objective decreased by analysts at B. Riley Financial from $310.00 to $290.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor producer’s stock. B. Riley Financial‘s price objective would indicate a potential upside of 70.73% from the company’s previous close.

Several other research firms also recently commented on SIMO. China Renaissance assumed coverage on shares of Silicon Motion Technology in a report on Wednesday, October 28th. They issued a “buy” rating and a $300.00 price objective on the stock. Needham & Company LLC raised their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Susquehanna raised their target price on shares of Silicon Motion Technology from $275.00 to $350.00 and gave the stock a “positive” rating in a research note on Friday, July 31st. Craig Hallum reaffirmed a “buy” rating and set a $325.00 target price on shares of Silicon Motion Technology in a report on Friday, July 31st. Finally, Weiss Ratings downgraded shares of Silicon Motion Technology from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 16th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $328.75.

Silicon Motion Technology Stock Performance

Shares of SIMO stock traded up $7.10 during trading on Monday, reaching $169.86. 74,233 shares of the company’s stock were exchanged, compared to its average volume of 901,154. Silicon Motion Technology has a twelve month low of $79.76 and a twelve month high of $355.00. The firm’s fifty day moving average price is $241.43 and its 200-day moving average price is $215.16. The company has a quick ratio of 3.65, a current ratio of 5.68 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $5.76 billion, a PE ratio of 18.28, a PEG ratio of 0.29 and a beta of 1.78.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Wednesday, October 28th. The semiconductor producer reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $1.05. Silicon Motion Technology had a return on equity of 32.29% and a net margin of 19.36%. The business had revenue of $560.22 million during the quarter, compared to the consensus estimate of $529.10 million. During the same quarter last year, the firm posted $1.00 EPS. The company’s quarterly revenue was up 131.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Silicon Motion Technology will post 10.20 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SIMO. Drive Wealth Management LLC acquired a new stake in shares of Silicon Motion Technology during the third quarter worth $245,000. Aberdeen Group plc boosted its position in shares of Silicon Motion Technology by 34,233.7% in the third quarter. Aberdeen Group plc now owns 489,599 shares of the semiconductor producer’s stock valued at $137,088,000 after acquiring an additional 488,173 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Silicon Motion Technology by 29.5% in the third quarter. Russell Investments Group Ltd. now owns 259,378 shares of the semiconductor producer’s stock valued at $72,245,000 after acquiring an additional 59,032 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Silicon Motion Technology in the third quarter valued at about $488,000. Finally, First Command Advisory Services Inc. grew its stake in shares of Silicon Motion Technology by 118.2% in the third quarter. First Command Advisory Services Inc. now owns 1,615 shares of the semiconductor producer’s stock valued at $452,000 after acquiring an additional 875 shares in the last quarter. 78.02% of the stock is owned by institutional investors and hedge funds.

About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company that designs and markets NAND flash controllers and related storage solutions. Its products help manage data storage and retrieval in devices that use NAND flash memory.

The company’s offerings include controllers for solid-state drives (SSDs), embedded storage such as eMMC and UFS, and removable storage products including memory cards and USB flash drives. Silicon Motion also develops firmware and other technologies for storage applications.

Founded in 1995, Silicon Motion serves customers around the world, including storage-device manufacturers, module makers and electronics companies.