Silicon Motion Technology (NASDAQ:SIMO) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $56.06 and traded as high as $74.35. Silicon Motion Technology shares last traded at $72.34, with a volume of 235,444 shares trading hands.

Analysts Set New Price Targets

SIMO has been the subject of a number of recent analyst reports. Needham & Company LLC decreased their price objective on shares of Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. B. Riley reiterated a "buy" rating and issued a $90.00 target price (up from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Bank of America upgraded shares of Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Wednesday, June 18th. Roth Capital lifted their target price on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Citigroup raised shares of Silicon Motion Technology to a "buy" rating in a report on Wednesday, June 18th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $83.89.

Silicon Motion Technology Trading Down 2.0%

The firm's 50-day moving average price is $64.96 and its 200 day moving average price is $56.06. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 25.93, a P/E/G ratio of 11.93 and a beta of 0.85.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last released its earnings results on Tuesday, April 29th. The semiconductor producer reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.16. The company had revenue of $166.49 million for the quarter, compared to analysts' expectations of $162.69 million. Silicon Motion Technology had a return on equity of 12.00% and a net margin of 12.06%. The business's revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.64 EPS. Analysts forecast that Silicon Motion Technology Corporation will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in SIMO. Inspire Advisors LLC grew its stake in shares of Silicon Motion Technology by 3.7% in the fourth quarter. Inspire Advisors LLC now owns 13,026 shares of the semiconductor producer's stock worth $704,000 after acquiring an additional 467 shares during the last quarter. Boston Partners boosted its position in Silicon Motion Technology by 47.3% in the fourth quarter. Boston Partners now owns 311,402 shares of the semiconductor producer's stock worth $16,831,000 after purchasing an additional 100,033 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology during the 4th quarter valued at about $208,000. Sei Investments Co. lifted its position in shares of Silicon Motion Technology by 7.1% during the 4th quarter. Sei Investments Co. now owns 58,823 shares of the semiconductor producer's stock valued at $3,179,000 after buying an additional 3,875 shares in the last quarter. Finally, LPL Financial LLC lifted its position in shares of Silicon Motion Technology by 34.3% during the 4th quarter. LPL Financial LLC now owns 7,643 shares of the semiconductor producer's stock valued at $413,000 after buying an additional 1,950 shares in the last quarter. 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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