Silicon Motion Technology Corporation (NASDAQ:SIMO) Sees Large Decrease in Short Interest

Key Points

• Short interest in Silicon Motion (NASDAQ:SIMO) fell 23.9% to 342,704 shares as of March 31, representing about 1.1% of the stock and a short-interest ratio of 0.7 days based on average daily volume.
• Institutional investors own roughly 78.02% of the company, with notable Q1 stake increases from Royal Bank of Canada and Goldman Sachs, and analysts are largely bullish (11 Buys, 1 Hold) with a consensus target of $132.50.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totaling 342,704 shares, a drop of 23.9% from the March 15th total of 450,530 shares. Approximately 1.1% of the company's stock are short sold. Based on an average daily volume of 518,542 shares, the short-interest ratio is presently 0.7 days.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in shares of Silicon Motion Technology by 87.6% during the 1st quarter. Royal Bank of Canada now owns 69,660 shares of the semiconductor producer's stock worth $3,522,000 after buying an additional 32,527 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Silicon Motion Technology by 155.0% in the first quarter. Goldman Sachs Group Inc. now owns 73,988 shares of the semiconductor producer's stock valued at $3,741,000 after acquiring an additional 44,976 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Silicon Motion Technology by 2.6% during the second quarter. Geode Capital Management LLC now owns 37,806 shares of the semiconductor producer's stock valued at $2,842,000 after acquiring an additional 962 shares during the period. Creative Planning bought a new stake in Silicon Motion Technology during the second quarter worth approximately $324,000. Finally, Legal & General Group Plc raised its holdings in Silicon Motion Technology by 141.4% during the second quarter. Legal & General Group Plc now owns 9,738 shares of the semiconductor producer's stock worth $732,000 after purchasing an additional 5,704 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

Shares of SIMO stock opened at $130.15 on Wednesday. Silicon Motion Technology has a 12-month low of $37.82 and a 12-month high of $146.85. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 35.76, a price-to-earnings-growth ratio of 0.85 and a beta of 1.09. The business has a 50 day simple moving average of $125.29 and a 200 day simple moving average of $107.00.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SIMO. Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the company a "buy" rating in a research note on Wednesday, February 4th. Zacks Research downgraded Silicon Motion Technology from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Wedbush raised their price objective on Silicon Motion Technology from $130.00 to $150.00 and gave the stock an "outperform" rating in a research note on Thursday, February 5th. B. Riley Financial reiterated a "buy" rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Finally, Craig Hallum restated a "buy" rating and issued a $160.00 price target on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $132.50.

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.

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