Silicon Motion Technology Co. (NASDAQ:SIMO) Short Interest Update

Silicon Motion Technology Co. (NASDAQ:SIMO - Get Free Report) was the recipient of a significant growth in short interest in the month of May. As of May 31st, there was short interest totalling 1,260,000 shares, a growth of 93.9% from the May 15th total of 649,900 shares. Based on an average daily volume of 525,500 shares, the short-interest ratio is presently 2.4 days. Currently, 3.7% of the company's stock are sold short.

Silicon Motion Technology Trading Down 0.8%

Shares of Silicon Motion Technology stock traded down $0.51 on Friday, hitting $66.96. 193,584 shares of the company traded hands, compared to its average volume of 385,145. The firm's 50-day simple moving average is $54.37 and its 200 day simple moving average is $54.11. The company has a market cap of $2.28 billion, a P/E ratio of 24.89, a P/E/G ratio of 1.36 and a beta of 0.80. Silicon Motion Technology has a 12-month low of $37.21 and a 12-month high of $85.87.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor producer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.16. The firm had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a net margin of 11.29% and a return on equity of 11.63%. The business's quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. Analysts predict that Silicon Motion Technology will post 3.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. B. Riley reiterated a "buy" rating and set a $90.00 price objective (up previously from $75.00) on shares of Silicon Motion Technology in a report on Thursday, June 5th. Wedbush restated an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a report on Wednesday, April 30th. Bank of America upgraded shares of Silicon Motion Technology from an "underperform" rating to a "neutral" rating and set a $47.00 target price on the stock in a report on Wednesday, April 23rd. Finally, Needham & Company LLC lowered their target price on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $77.75.

Hedge Funds Weigh In On Silicon Motion Technology

Several institutional investors and hedge funds have recently made changes to their positions in SIMO. Invesco Ltd. grew its holdings in shares of Silicon Motion Technology by 61.3% during the 1st quarter. Invesco Ltd. now owns 1,675,648 shares of the semiconductor producer's stock valued at $84,721,000 after purchasing an additional 636,869 shares during the last quarter. SG Capital Management LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter valued at $15,006,000. Pertento Partners LLP grew its holdings in shares of Silicon Motion Technology by 31.2% during the 4th quarter. Pertento Partners LLP now owns 1,166,914 shares of the semiconductor producer's stock valued at $63,072,000 after purchasing an additional 277,462 shares during the last quarter. Boston Partners grew its holdings in shares of Silicon Motion Technology by 77.3% during the 1st quarter. Boston Partners now owns 552,139 shares of the semiconductor producer's stock valued at $27,900,000 after purchasing an additional 240,737 shares during the last quarter. Finally, Reinhart Partners LLC. grew its holdings in shares of Silicon Motion Technology by 20.1% during the 1st quarter. Reinhart Partners LLC. now owns 1,364,291 shares of the semiconductor producer's stock valued at $68,979,000 after purchasing an additional 228,553 shares during the last quarter. Institutional investors own 78.02% of the company's stock.

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.