Silicon Motion Technology (NASDAQ:SIMO) Hits New 1-Year High - Here's Why

Key Points

• Silicon Motion Technology shares hit a new 52-week high, trading as high as $266.69, reflecting strong recent momentum in the stock.
• Recent analyst activity has been mostly positive, with multiple firms issuing or reaffirming Buy ratings and the consensus rating remaining Buy.
• The company’s latest earnings beat expectations, with $1.58 EPS and $342.11 million in revenue, both well above estimates and sharply higher than a year earlier.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report)'s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $266.69 and last traded at $260.7990, with a volume of 146409 shares. The stock had previously closed at $253.59.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SIMO shares. William Blair started coverage on Silicon Motion Technology in a report on Thursday, January 22nd. They set an "outperform" rating on the stock. Craig Hallum reissued a "buy" rating and set a $250.00 target price on shares of Silicon Motion Technology in a report on Thursday, April 30th. Needham & Company LLC upped their price target on Silicon Motion Technology from $125.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Weiss Ratings cut Silicon Motion Technology from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday. Finally, Zacks Research raised Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Silicon Motion Technology currently has a consensus rating of "Buy" and a consensus price target of $205.63.

Silicon Motion Technology Price Performance

The company has a market cap of $9.05 billion, a P/E ratio of 53.01, a PEG ratio of 0.78 and a beta of 1.67. The company has a fifty day simple moving average of $137.05 and a 200-day simple moving average of $115.31.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $299.53 million. During the same period in the previous year, the company posted $0.60 EPS. The company's quarterly revenue was up 105.5% compared to the same quarter last year. On average, analysts anticipate that Silicon Motion Technology Corporation will post 7.77 EPS for the current year.

Hedge Funds Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Apis Capital Advisors LLC grew its position in Silicon Motion Technology by 11.7% during the 3rd 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 in the last quarter. SG Americas Securities LLC purchased a new position in Silicon Motion Technology during the 3rd quarter worth approximately $1,070,000. Neumeier Poma Investment Counsel LLC grew its position in Silicon Motion Technology by 10.7% during the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 478,463 shares of the semiconductor producer's stock worth $45,363,000 after purchasing an additional 46,208 shares in the last quarter. Royce & Associates LP purchased a new position in Silicon Motion Technology during the 3rd quarter worth approximately $6,210,000. Finally, Reinhart Partners LLC. grew its holdings in shares of Silicon Motion Technology by 2.0% during the 3rd quarter. Reinhart Partners LLC. now owns 1,500,934 shares of the semiconductor producer's stock valued at $142,305,000 after acquiring an additional 29,351 shares in the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

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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