Tidal Investments LLC Grows Stake in Silicon Motion Technology Corporation $SIMO

Key Points

• Tidal Investments increased its Silicon Motion Technology stake by 135.9% in the second quarter, reaching 116,620 shares valued at approximately $38.9 million. Institutional investors collectively own 78.02% of the company.
• Analysts remain broadly bullish, with the stock carrying a consensus “Buy” rating and an average price target of $341.43. Recent targets range from $350 to $400.
• Silicon Motion reported strong quarterly results, with EPS of $2.43 beating estimates of $2.13 and revenue of $451 million exceeding forecasts. Revenue rose 127% year over year, while the stock recently opened at $277.70.

Tidal Investments LLC grew its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 135.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 116,620 shares of the semiconductor producer's stock after acquiring an additional 67,178 shares during the period. Tidal Investments LLC owned about 0.34% of Silicon Motion Technology worth $38,873,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wolf Hill Capital Management LP purchased a new position in Silicon Motion Technology in the fourth quarter valued at approximately $53,893,000. Hawk Ridge Capital Management LP increased its position in Silicon Motion Technology by 111.3% in the fourth quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer's stock worth $73,024,000 after buying an additional 415,000 shares during the last quarter. Man Group plc increased its position in Silicon Motion Technology by 820.7% in the fourth quarter. Man Group plc now owns 381,048 shares of the semiconductor producer's stock worth $35,323,000 after buying an additional 339,663 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Silicon Motion Technology by 112.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 425,697 shares of the semiconductor producer's stock valued at $47,802,000 after buying an additional 225,221 shares during the period. Finally, AIGH Capital Management LLC bought a new stake in shares of Silicon Motion Technology in the first quarter valued at $22,458,000. Hedge funds and other institutional investors own 78.02% of the company's stock.

Insider Buying and Selling

In other Silicon Motion Technology news, Director Kenneth Kuan-Ming Lin sold 2,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total value of $610,000.00. Following the sale, the director directly owned 8,500 shares in the company, valued at $2,592,500. This represents a 19.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of the firm's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $328.00, for a total transaction of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares of the company's stock, valued at approximately $2,460,000. The trade was a 11.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.34% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SIMO. B. Riley Financial lifted their price objective on Silicon Motion Technology from $312.00 to $350.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Wall Street Zen downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Wedbush increased their target price on shares of Silicon Motion Technology from $230.00 to $400.00 and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Needham & Company LLC lifted their target price on shares of Silicon Motion Technology from $240.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings raised shares of Silicon Motion Technology from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $341.43.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $277.70 on Thursday. The stock's 50-day simple moving average is $264.54 and its 200 day simple moving average is $222.63. The stock has a market capitalization of $9.42 billion, a price-to-earnings ratio of 32.56, a price-to-earnings-growth ratio of 0.47 and a beta of 1.71. Silicon Motion Technology Corporation has a 52-week low of $79.76 and a 52-week high of $355.00.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor producer reported $2.43 earnings per share for the quarter, beating analysts' consensus estimates of $2.13 by $0.30. Silicon Motion Technology had a return on equity of 32.04% and a net margin of 22.06%.The business had revenue of $451.00 million during the quarter, compared to analyst estimates of $403.41 million. During the same quarter in the previous year, the firm earned $0.69 EPS. The company's quarterly revenue was up 127.0% compared to the same quarter last year. On average, research analysts forecast that Silicon Motion Technology Corporation will post 10.78 earnings per share for the current fiscal year.

Silicon Motion Technology 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.

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