Silicon Motion Technology (NASDAQ:SIMO) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.
Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. set a $63.00 price objective on shares of Silicon Motion Technology and gave the stock a “buy” rating in a report on Wednesday. ValuEngine downgraded shares of Silicon Motion Technology from a “buy” rating to a “hold” rating in a report on Monday, October 8th. Zacks Investment Research upgraded shares of Silicon Motion Technology from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Monday, October 8th. KeyCorp began coverage on shares of Silicon Motion Technology in a report on Tuesday, September 25th. They set a “sector weight” rating and a $60.00 price objective on the stock. Finally, Morgan Stanley upgraded shares of Silicon Motion Technology from an “equal weight” rating to an “overweight” rating and set a $59.00 price objective on the stock in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $58.40.
SIMO traded down $1.79 during trading on Thursday, hitting $45.27. 776,779 shares of the company’s stock were exchanged, compared to its average volume of 398,058. Silicon Motion Technology has a fifty-two week low of $42.57 and a fifty-two week high of $61.85. The company has a market cap of $1.94 billion, a price-to-earnings ratio of 21.66 and a beta of 0.42.
Silicon Motion Technology (NASDAQ:SIMO) last released its quarterly earnings data on Tuesday, July 31st. The semiconductor producer reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.24. Silicon Motion Technology had a net margin of 15.28% and a return on equity of 15.97%. The firm had revenue of $138.10 million for the quarter, compared to the consensus estimate of $137.80 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s revenue was up 4.1% on a year-over-year basis. On average, analysts forecast that Silicon Motion Technology will post 3.05 earnings per share for the current year.
Hedge funds have recently made changes to their positions in the company. Pitcairn Co. purchased a new stake in shares of Silicon Motion Technology in the second quarter valued at about $201,000. A.R.T. Advisors LLC purchased a new stake in shares of Silicon Motion Technology in the first quarter valued at about $213,000. FNY Investment Advisers LLC bought a new position in Silicon Motion Technology during the second quarter valued at about $285,000. Weil Company Inc. bought a new position in Silicon Motion Technology during the second quarter valued at about $311,000. Finally, OppenheimerFunds Inc. bought a new position in Silicon Motion Technology during the second quarter valued at about $396,000. Institutional investors own 75.08% of the company’s stock.
About Silicon Motion Technology
Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets semiconductor solutions for the mobile and enterprise storage, and mobile communications markets worldwide. It offers embedded storage and expandable storage products, including NAND flash controllers, such as embedded multimediacard (eMMC), universal flash storage, client solid-state drive (SSD), secure digital card, flash memory card controller, and universal serial bus flash drive controller products.
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