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Silicon Motion Technology (NASDAQ:SIMO) reached a new 52-week high during mid-day trading on Thursday , Analyst Ratings Network reports. The company traded as high as $19.24 and last traded at $19.21, with a volume of 247,076 shares changing hands. The stock had previously closed at $18.84.

SIMO has been the subject of a number of recent research reports. Analysts at Lake Street Capital initiated coverage on shares of Silicon Motion Technology in a research note on Tuesday, May 13th. They set a “buy” rating and a $20.00 price target on the stock. Analysts at Northland Securities reiterated an “outperform” rating on shares of Silicon Motion Technology in a research note on Tuesday, April 29th. They now have a $20.00 price target on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Silicon Motion Technology currently has an average rating of “Buy” and an average target price of $18.91.

The stock has a 50-day moving average of $16.9 and a 200-day moving average of $16.27. The company has a market cap of $646.4 million and a price-to-earnings ratio of 24.79.

Silicon Motion Technology (NASDAQ:SIMO) last announced its earnings results on Monday, April 28th. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.19 by $0.03. The company had revenue of $52.85 million for the quarter, compared to the consensus estimate of $50.57 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. The company’s quarterly revenue was down 7.9% on a year-over-year basis. On average, analysts predict that Silicon Motion Technology will post $1.11 earnings per share for the current fiscal year.

Silicon Motion Technology Corporation (NASDAQ:SIMO) is a fabless semiconductor company that designs, develops and markets semiconductor solutions for the multimedia consumer electronics market.

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