Silicon Motion Technology (NASDAQ:SIMO) Trading Down 8.6% – Time to Sell?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) dropped 8.6% during mid-day trading on Friday . The company traded as low as $295.00 and last traded at $297.40. 273,038 shares changed hands during trading, a decline of 68% from the average session volume of 847,579 shares. The stock had previously closed at $325.26.

Analyst Ratings Changes

SIMO has been the topic of a number of analyst reports. Wedbush upped their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Zacks Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Susquehanna boosted their target price on Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research report on Thursday, April 30th. Weiss Ratings lowered shares of Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Silicon Motion Technology from $145.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $246.43.

Silicon Motion Technology Stock Down 6.1%

The firm’s fifty day moving average is $252.00 and its two-hundred day moving average is $163.02. The firm has a market cap of $10.35 billion, a P/E ratio of 60.69, a PEG ratio of 0.68 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.31 by $0.27. The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The company’s quarterly revenue was up 105.5% compared to the same quarter last year. During the same period last year, the company posted $0.60 EPS. As a group, sell-side analysts forecast that Silicon Motion Technology Corporation will post 8.35 EPS for the current year.

Insider Activity at Silicon Motion Technology

In other Silicon Motion Technology news, Director Kuan-Ming Lin sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total transaction of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company’s stock, valued at $2,460,000. This represents a 11.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 4,000 shares of company stock worth $1,239,250. Insiders own 5.34% of the company’s stock.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors have recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new stake in shares of Silicon Motion Technology during the 3rd quarter valued at $26,000. WealthCollab LLC increased its stake in shares of Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners lifted its position in Silicon Motion Technology by 220.9% during the 4th quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares during the period. EverSource Wealth Advisors LLC lifted its position in Silicon Motion Technology by 169.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares during the period. Finally, MeadowBrook Investment Advisors LLC bought a new stake in Silicon Motion Technology during the fourth quarter worth about $71,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Company Profile

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.