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

Key Points

• Short interest fell by 19.4% in February to 537,938 shares (about 1.7% of shares sold short), with a days-to-cover ratio of 1.1 days.
• Shares traded up 2.6% to $123.26, and the company has a market cap of $4.19 billion with a PE of 33.86 and PEG of 0.82.
• Multiple analysts raised price targets and ratings in early February, leaving a consensus Buy rating and a $132.50 consensus target price.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) was the recipient of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 537,938 shares, a decrease of 19.4% from the February 12th total of 667,782 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily volume of 505,372 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily volume of 505,372 shares, the days-to-cover ratio is currently 1.1 days. Approximately 1.7% of the shares of the stock are sold short.

Silicon Motion Technology Stock Up 2.6%

Shares of NASDAQ:SIMO traded up $3.15 on Friday, hitting $123.26. 312,255 shares of the company traded hands, compared to its average volume of 492,864. The stock has a 50 day simple moving average of $122.76 and a 200-day simple moving average of $101.74. The company has a market cap of $4.19 billion, a PE ratio of 33.86, a PEG ratio of 0.82 and a beta of 1.02. Silicon Motion Technology has a 52 week low of $37.21 and a 52 week high of $146.85.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SIMO. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $125.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, February 5th. Craig Hallum reaffirmed a "buy" rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research note on Thursday, February 5th. Wedbush increased their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, February 5th. William Blair began coverage on Silicon Motion Technology in a research note on Thursday, January 22nd. They issued an "outperform" rating on the stock. Finally, Zacks Research raised Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $132.50.

Hedge Funds Weigh In On Silicon Motion Technology

Hedge funds have recently bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology during the third quarter valued at approximately $26,000. WealthCollab LLC raised its stake in Silicon Motion Technology by 77.4% during the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after buying an additional 151 shares during the last quarter. Arax Advisory Partners lifted its holdings in shares of 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 buying an additional 307 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer's stock worth $44,000 after buying an additional 366 shares during the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Silicon Motion Technology in the 4th quarter worth $71,000. Hedge funds and other 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.

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