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Research analysts at B. Riley boosted their target price on shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) from $24.50 to $27.50 in a report released on Wednesday. The firm currently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 15.79% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of Silicon Motion Technology Corp. from a “neutral” rating to an “outperform” rating in a research note on Thursday, July 10th. They now have a $23.40 price target on the stock. Separately, analysts at ISI Group raised their price target on shares of Silicon Motion Technology Corp. to $28.00 in a research note on Tuesday, July 8th. Finally, analysts at Needham & Company LLC raised their price target on shares of Silicon Motion Technology Corp. from $20.00 to $28.00 in a research note on Tuesday, July 8th. They now have a “buy” rating on the stock. Nine research analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus target price of $24.29.

Shares of Silicon Motion Technology Corp. (NASDAQ:SIMO) traded down 1.85% during mid-day trading on Wednesday, hitting $23.29. 437,933 shares of the company’s stock traded hands. Silicon Motion Technology Corp. has a 1-year low of $10.53 and a 1-year high of $23.97. The stock has a 50-day moving average of $20.03 and a 200-day moving average of $17.27. The company has a market cap of $772.8 million and a P/E ratio of 31.22.

Silicon Motion Technology Corp. (NASDAQ:SIMO) last posted its quarterly 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. Analysts expect that Silicon Motion Technology Corp. will post $1.28 EPS for the current fiscal year.

Silicon Motion Technology Corporation (NASDAQ:SIMO) is a holding company.

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