Silicon Motion Technology (NASDAQ:SIMO) Shares Down 5.3% – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) shares traded down 5.3% during mid-day trading on Tuesday . The company traded as low as $230.02 and last traded at $233.6740. Approximately 144,301 shares were traded during trading, a decline of 84% from the average daily volume of 897,953 shares. The stock had previously closed at $246.84.

Wall Street Analysts Forecast Growth

SIMO has been the subject of a number of research reports. B. Riley Financial upped their target price on shares of Silicon Motion Technology from $312.00 to $350.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wall Street Zen cut Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Needham & Company LLC upped their price objective on Silicon Motion Technology from $240.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Silicon Motion Technology from a “hold (c)” rating to a “buy (b-)” rating in a research note on Monday, August 17th. Finally, Zacks Research raised Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $341.43.

Silicon Motion Technology Stock Down 4.7%

The stock has a market cap of $7.98 billion, a PE ratio of 27.60, a P/E/G ratio of 0.43 and a beta of 1.71. The business’s fifty day moving average is $274.05 and its 200 day moving average is $216.78.

Silicon Motion Technology (NASDAQ:SIMO) last issued its quarterly earnings data on Wednesday, July 29th. The semiconductor producer reported $2.43 EPS for the quarter, beating analysts’ consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a net margin of 22.06% and a return on equity of 32.04%. The firm had revenue of $451.00 million for the quarter, compared to analysts’ expectations of $403.41 million. During the same period in the prior year, the company earned $0.69 EPS. The firm’s revenue was up 127.0% on a year-over-year basis. As a group, analysts predict that Silicon Motion Technology Corporation will post 10.78 EPS for the current year.

Insider Activity

In other news, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the sale, the director directly owned 7,500 shares in the company, valued at $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the sale, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.34% of the stock is owned by company insiders.

Institutional Investors Weigh In On Silicon Motion Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Reinhart Partners LLC. boosted its position in shares of Silicon Motion Technology by 4.8% in the fourth quarter. Reinhart Partners LLC. now owns 1,573,355 shares of the semiconductor producer’s stock worth $145,851,000 after buying an additional 72,421 shares during the period. Hawk Ridge Capital Management LP grew its position in shares of Silicon Motion Technology by 48.9% during the first quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock worth $131,752,000 after acquiring an additional 385,568 shares during the last quarter. Lazard Asset Management LLC lifted its position in Silicon Motion Technology by 2.3% in the 3rd quarter. Lazard Asset Management LLC now owns 783,663 shares of the semiconductor producer’s stock valued at $74,299,000 after purchasing an additional 17,741 shares during the last quarter. Wolf Hill Capital Management LP acquired a new position in Silicon Motion Technology during the 4th quarter valued at about $53,893,000. Finally, Summit Partners Public Asset Management LLC grew its position in Silicon Motion Technology by 33.7% in the 4th quarter. Summit Partners Public Asset Management LLC now owns 534,932 shares of the semiconductor producer’s stock worth $49,588,000 after purchasing an additional 134,927 shares during the last quarter. Hedge funds and other institutional investors 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.