Silicon Motion Technology Corporation (NASDAQ:SIMO) Short Interest Update

Key Points

• Short interest dropped 16.2% in March to 450,530 shares (about 1.4% of shares) with a short-interest ratio of roughly 1.0 day, indicating relatively low short-selling pressure.
• Analysts hold a consensus "Buy" rating with an average price target of $132.50, after recent mixed moves including a Zacks upgrade to strong-buy and Wedbush raising its target to $150.
• Institutional ownership is 78.02%, and several funds materially increased positions (e.g., Frontier +115%, Hawk Ridge +111%, Man Group +820%), signaling significant institutional inflows.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report) was the target of a large drop in short interest during the month of March. As of March 13th, there was short interest totaling 450,530 shares, a drop of 16.2% from the February 26th total of 537,938 shares. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 454,137 shares, the short-interest ratio is currently 1.0 days.

Analyst Ratings Changes

A number of research analysts recently commented on SIMO shares. Wall Street Zen downgraded Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 14th. Wedbush raised their target price on Silicon Motion Technology from $130.00 to $150.00 and gave the company an "outperform" rating in a research note on Thursday, February 5th. B. Riley Financial reissued a "buy" rating on shares of Silicon Motion Technology in a report on Thursday, February 5th. Zacks Research upgraded shares of Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 6th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Silicon Motion Technology in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $132.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Frontier Capital Management Co. LLC raised its stake in shares of Silicon Motion Technology by 115.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,281,115 shares of the semiconductor producer's stock valued at $96,301,000 after purchasing an additional 686,261 shares in the last quarter. Wolf Hill Capital Management LP bought a new position in Silicon Motion Technology in the 4th quarter valued at about $53,893,000. Hawk Ridge Capital Management LP increased its stake in Silicon Motion Technology by 111.3% during the 4th quarter. Hawk Ridge Capital Management LP now owns 787,747 shares of the semiconductor producer's stock valued at $73,024,000 after buying an additional 415,000 shares during the period. Ophir Asset Management Pty Ltd acquired a new position in Silicon Motion Technology during the 2nd quarter valued at about $27,941,000. Finally, Man Group plc raised its position in shares of Silicon Motion Technology by 820.7% during the 4th 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 in the last quarter. Institutional investors own 78.02% of the company's stock.

Silicon Motion Technology Price Performance

SIMO opened at $110.06 on Monday. Silicon Motion Technology has a 12 month low of $37.21 and a 12 month high of $146.85. The stock has a market cap of $3.74 billion, a P/E ratio of 30.24, a P/E/G ratio of 0.73 and a beta of 1.02. The stock's 50 day moving average price is $124.61 and its 200 day moving average price is $104.62.

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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