Silicon Motion Technology (NASDAQ:SIMO) Share Price Crosses Above 200-Day Moving Average - Should You Sell?

Key Points

• Silicon Motion's share price crossed above its 200‑day moving average, trading as high as $117.59 versus the 200‑day MA of $105.62—an often-cited bullish technical signal.
• Analysts carry an average rating of Buy with a consensus price target of $132.50; recent action includes Zacks upgrading to Strong Buy and Wedbush raising its target to $150.
• The company has a market capitalization of about $3.96 billion and a P/E of 32.03, with roughly 78% of shares held by institutional investors.

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $105.62 and traded as high as $117.59. Silicon Motion Technology shares last traded at $116.59, with a volume of 160,343 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Zacks Research upgraded shares of Silicon Motion Technology from a "hold" rating to a "strong-buy" rating in a report on Friday, February 6th. Wall Street Zen downgraded shares of Silicon Motion Technology from a "strong-buy" rating to a "buy" rating in a report on Saturday, March 14th. Wedbush boosted their target price on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Silicon Motion Technology in a research note on Friday, March 27th. Finally, B. Riley Financial reiterated a "buy" rating on shares of Silicon Motion Technology in a research note on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $132.50.

Silicon Motion Technology Stock Up 2.4%

The firm's 50 day simple moving average is $124.49 and its 200-day simple moving average is $105.62. The company has a market capitalization of $3.96 billion, a PE ratio of 32.03, a P/E/G ratio of 0.77 and a beta of 1.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wedbush Securities Inc. boosted its stake in shares of Silicon Motion Technology by 1.7% in the fourth quarter. Wedbush Securities Inc. now owns 4,685 shares of the semiconductor producer's stock valued at $434,000 after purchasing an additional 79 shares during the period. NewEdge Wealth LLC boosted its stake in shares of Silicon Motion Technology by 3.6% in the fourth quarter. NewEdge Wealth LLC now owns 2,631 shares of the semiconductor producer's stock valued at $244,000 after purchasing an additional 91 shares during the period. Ballentine Partners LLC boosted its stake in shares of Silicon Motion Technology by 2.8% in the fourth quarter. Ballentine Partners LLC now owns 4,006 shares of the semiconductor producer's stock valued at $371,000 after purchasing an additional 110 shares during the period. Penn Capital Management Company LLC boosted its stake in shares of Silicon Motion Technology by 2.3% in the third quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer's stock valued at $552,000 after purchasing an additional 132 shares during the period. Finally, WealthCollab LLC boosted its stake in shares of Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer's stock valued at $32,000 after purchasing an additional 151 shares during the period. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

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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