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Analysts at Standpoint Research hoisted their target price on shares of Silicon Motion Technology (NASDAQ:SIMO) from $20.00 to $28.00 in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the stock. Standpoint Research’s price target would suggest a potential upside of 48.62% from the stock’s previous close.

Silicon Motion Technology (NASDAQ:SIMO) traded up 2.97% during mid-day trading on Monday, hitting $20.43. The stock had a trading volume of 447,811 shares. Silicon Motion Technology has a 52 week low of $10.38 and a 52 week high of $19.89. The stock has a 50-day moving average of $17.18 and a 200-day moving average of $16.3. The company has a market cap of $677.9 million and a P/E ratio of 26.11.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings data on Monday, April 28th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down 7.9% on a year-over-year basis. Analysts expect that Silicon Motion Technology will post $1.11 EPS for the current fiscal year.

A number of other firms have also recently commented on SIMO. 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 analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $20.05.

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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