Silicon Motion Technology Hits New 12-Month High on Analyst Upgrade (SIMO)
Silicon Motion Technology (NASDAQ:SIMO)’s share price hit a new 52-week high on Monday after Topeka Capital Markets raised their price target on the stock from $20.00 to $27.00, Analyst Ratings News reports. Topeka Capital Markets currently has a buy rating on the stock. Silicon Motion Technology traded as high as $22.99 and last traded at $21.54, with a volume of 1,083,743 shares traded. The stock had previously closed at $21.49.
SIMO has been the subject of a number of other recent research reports. Analysts at Standpoint Research raised their price target on shares of Silicon Motion Technology from $20.00 to $28.00 in a research note on Monday, June 30th. They now have a “buy” rating on the stock. Separately, 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. Finally, 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 research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $20.93.
The stock’s 50-day moving average is $17.74 and its 200-day moving average is $16.50. The company has a market cap of $708.3 million and a price-to-earnings ratio of 28.28.
Silicon Motion Technology (NASDAQ:SIMO) last released its earnings data 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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