Y Intercept Hong Kong Ltd Buys 30,022 Shares of Silicon Motion Technology Corporation $SIMO

Key Points

• Y Intercept Hong Kong Ltd increased its Silicon Motion Technology stake by 321.8% in Q1, buying 30,022 shares and bringing its total holding to 39,350 shares worth about $4.4 million.
• Institutional interest remains high, with hedge funds and other large investors continuing to add to SIMO; institutions now own about 78.02% of the company.
• Silicon Motion posted strong quarterly results, beating estimates with $1.58 EPS and $342.1 million in revenue, while analysts currently rate the stock a Buy on average with a $246.43 price target.

Y Intercept Hong Kong Ltd lifted its position in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO - Free Report) by 321.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,350 shares of the semiconductor producer's stock after buying an additional 30,022 shares during the quarter. Y Intercept Hong Kong Ltd owned about 0.12% of Silicon Motion Technology worth $4,419,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SIMO. Patriot Financial Group Insurance Agency LLC raised its stake in Silicon Motion Technology by 119.8% during the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 6,560 shares of the semiconductor producer's stock worth $737,000 after buying an additional 3,576 shares during the period. Apis Capital Advisors LLC raised its stake in shares of Silicon Motion Technology by 11.7% in the third quarter. Apis Capital Advisors LLC now owns 286,000 shares of the semiconductor producer's stock worth $27,116,000 after purchasing an additional 30,000 shares during the last quarter. SG Americas Securities LLC raised its position in Silicon Motion Technology by 44.3% in the 4th quarter. SG Americas Securities LLC now owns 16,290 shares of the semiconductor producer's stock valued at $1,510,000 after buying an additional 5,002 shares during the last quarter. UBS Group AG raised its position in Silicon Motion Technology by 39.0% in the 4th quarter. UBS Group AG now owns 351,541 shares of the semiconductor producer's stock valued at $32,588,000 after buying an additional 98,548 shares during the last quarter. Finally, Granahan Investment Management LLC lifted its stake in Silicon Motion Technology by 59.7% during the 3rd quarter. Granahan Investment Management LLC now owns 207,758 shares of the semiconductor producer's stock valued at $19,698,000 after acquiring an additional 77,667 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Insider Activity

In other news, Director Kuan-Ming Lin sold 2,000 shares of Silicon Motion Technology stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $305.00, for a total value of $610,000.00. Following the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. The trade was a 19.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Han-Ping Shieh sold 1,000 shares of Silicon Motion Technology 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 in the company, valued at $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 4,000 shares of company stock valued at $1,239,250. Company insiders own 5.34% of the company's stock.

Silicon Motion Technology Price Performance

NASDAQ:SIMO opened at $300.71 on Monday. Silicon Motion Technology Corporation has a 1 year low of $70.12 and a 1 year high of $355.00. The stock's fifty day moving average price is $269.67 and its two-hundred day moving average price is $171.43. The company has a market cap of $10.20 billion, a P/E ratio of 59.78, a P/E/G ratio of 0.67 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm had revenue of $342.11 million during the quarter, compared to the consensus estimate of $299.53 million. During the same period last year, the firm earned $0.60 EPS. The business's quarterly revenue was up 105.5% compared to the same quarter last year. On average, analysts expect that Silicon Motion Technology Corporation will post 8.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SIMO has been the topic of a number of analyst reports. Weiss Ratings downgraded shares of Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, May 6th. Craig Hallum restated a "buy" rating and set a $250.00 price target on shares of Silicon Motion Technology in a report on Thursday, April 30th. Wedbush upped their price objective 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. Zacks Research raised shares of Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. Finally, Roth Mkm reiterated a "buy" rating and issued a $250.00 price objective on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Silicon Motion Technology currently has an average rating of "Buy" and an average price target of $246.43.

About Silicon Motion Technology

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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