Silicon Motion Technology (NASDAQ:SIMO) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO - Get Free Report)'s stock price crossed 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.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Needham & Company LLC cut their target price on Silicon Motion Technology from $70.00 to $65.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Wedbush reissued an "outperform" rating and issued a $90.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 30th. B. Riley reissued 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. Roth Capital raised their target price on Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Bank of America raised Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 target price on the stock in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Silicon Motion Technology Stock Down 1.8%

The company's fifty day simple moving average is $66.36 and its 200 day simple moving average is $56.43. The firm has a market capitalization of $2.50 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 11.88 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.16. Silicon Motion Technology had a net margin of 12.06% and a return on equity of 12.00%. The firm had revenue of $166.49 million during the quarter, compared to analyst estimates of $162.69 million. During the same period last year, the business earned $0.64 earnings per share. The business's revenue was down 12.1% on a year-over-year basis. Equities research analysts forecast that Silicon Motion Technology Corporation will post 3.08 EPS for the current year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC grew its position in Silicon Motion Technology by 61.8% in the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after purchasing an additional 440 shares during the period. Menard Financial Group LLC bought a new stake in Silicon Motion Technology in the 4th quarter worth approximately $88,000. Signaturefd LLC grew its position in Silicon Motion Technology by 79.3% in the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock worth $84,000 after purchasing an additional 736 shares during the period. LRI Investments LLC grew its position in Silicon Motion Technology by 519.0% in the 4th quarter. LRI Investments LLC now owns 3,033 shares of the semiconductor producer's stock worth $164,000 after purchasing an additional 2,543 shares during the period. Finally, Covestor Ltd grew its position in Silicon Motion Technology by 161.4% in the 1st quarter. Covestor Ltd now owns 3,429 shares of the semiconductor producer's stock worth $173,000 after purchasing an additional 2,117 shares during the period. Institutional investors own 78.02% of the company's stock.

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.