Short Interest in Silicon Motion Technology Co. (NASDAQ:SIMO) Decreases By 21.0%

Silicon Motion Technology Co. (NASDAQ:SIMO) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 777,000 shares, a decrease of 21.0% from the September 15th total of 984,000 shares. Currently, 2.3% of the shares of the stock are short sold. Based on an average daily volume of 334,800 shares, the short-interest ratio is currently 2.3 days.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SIMO. Needham & Company LLC increased their price objective on Silicon Motion Technology from $85.00 to $94.00 and gave the company a “buy” rating in a report on Monday, July 8th. Morgan Stanley decreased their price target on Silicon Motion Technology from $78.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Bank of America downgraded Silicon Motion Technology from a “buy” rating to an “underperform” rating and decreased their price target for the stock from $90.00 to $60.00 in a report on Friday, August 16th. B. Riley decreased their price target on Silicon Motion Technology from $112.00 to $95.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, StockNews.com upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.11.

Silicon Motion Technology Stock Down 1.2 %

SIMO traded down $0.73 during trading on Monday, hitting $59.20. The company’s stock had a trading volume of 93,647 shares, compared to its average volume of 387,530. Silicon Motion Technology has a one year low of $51.85 and a one year high of $85.87. The firm has a market cap of $1.99 billion, a PE ratio of 25.61, a P/E/G ratio of 0.95 and a beta of 0.83. The business’s 50 day simple moving average is $60.23 and its 200-day simple moving average is $71.45.

Silicon Motion Technology (NASDAQ:SIMO) last announced its quarterly earnings data on Friday, August 2nd. The semiconductor producer reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $210.67 million during the quarter, compared to analysts’ expectations of $206.75 million. Silicon Motion Technology had a net margin of 10.14% and a return on equity of 10.31%. The company’s revenue for the quarter was up 50.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 earnings per share. Equities research analysts expect that Silicon Motion Technology will post 2.86 EPS for the current fiscal year.

Institutional Investors Weigh In On Silicon Motion Technology

Institutional investors have recently made changes to their positions in the stock. Virtu Financial LLC purchased a new position in shares of Silicon Motion Technology in the fourth quarter valued at approximately $718,000. Goldman Sachs Group Inc. lifted its stake in Silicon Motion Technology by 615.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 316,294 shares of the semiconductor producer’s stock worth $19,379,000 after acquiring an additional 272,103 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Silicon Motion Technology by 48.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,527 shares of the semiconductor producer’s stock worth $155,000 after acquiring an additional 821 shares during the last quarter. Nomura Holdings Inc. purchased a new position in Silicon Motion Technology in the fourth quarter worth approximately $3,080,000. Finally, Reinhart Partners LLC. lifted its stake in Silicon Motion Technology by 5.1% in the first quarter. Reinhart Partners LLC. now owns 736,371 shares of the semiconductor producer’s stock worth $56,656,000 after acquiring an additional 35,623 shares during the last quarter. 78.02% of the stock is currently owned by institutional investors and hedge funds.

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.