Silicon Motion Technology (SIMO) Stock Rating Upgraded by BidaskClub

Silicon Motion Technology (NASDAQ:SIMO) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also recently commented on SIMO. B. Riley reissued a “buy” rating and set a $68.75 target price on shares of Silicon Motion Technology in a research report on Monday, August 7th. Loop Capital increased their target price on shares of Silicon Motion Technology from $51.00 to $59.00 and gave the company a “buy” rating in a research report on Monday, October 9th. Lake Street Capital reissued a “buy” rating and set a $50.00 target price (down previously from $56.00) on shares of Silicon Motion Technology in a research report on Tuesday, August 8th. Standpoint Research raised shares of Silicon Motion Technology from a “reduce” rating to a “buy” rating in a research report on Wednesday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $57.00 target price on shares of Silicon Motion Technology in a research report on Friday, October 27th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $57.67.

Shares of Silicon Motion Technology (NASDAQ:SIMO) traded down $0.19 on Friday, hitting $51.57. 438,884 shares of the stock traded hands, compared to its average volume of 384,547. Silicon Motion Technology has a 52-week low of $37.37 and a 52-week high of $55.68. The stock has a market cap of $1,828.58, a PE ratio of 19.68 and a beta of 0.64.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings results on Friday, October 27th. The semiconductor producer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. Silicon Motion Technology had a net margin of 17.18% and a return on equity of 19.58%. The firm had revenue of $127.20 million during the quarter, compared to analysts’ expectations of $127.24 million. During the same quarter in the prior year, the company earned $1.07 EPS. The company’s revenue was down 19.8% compared to the same quarter last year. analysts anticipate that Silicon Motion Technology will post 2.46 earnings per share for the current year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Daiwa Securities Group Inc. purchased a new position in shares of Silicon Motion Technology in the third quarter worth $101,000. Advisors Preferred LLC raised its holdings in shares of Silicon Motion Technology by 451.0% in the third quarter. Advisors Preferred LLC now owns 2,667 shares of the semiconductor producer’s stock worth $128,000 after buying an additional 2,183 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Silicon Motion Technology in the second quarter worth $135,000. Summit Securities Group LLC purchased a new position in shares of Silicon Motion Technology in the second quarter worth $204,000. Finally, Hikari Power Ltd purchased a new position in shares of Silicon Motion Technology in the second quarter worth $204,000. 82.84% of the stock is owned by institutional investors and hedge funds.

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About Silicon Motion Technology

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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