Silicon Motion Technology Corporation (NASDAQ:SIMO) Short Interest Update
by Teresa Graham · The Cerbat GemSilicon Motion Technology Corporation (NASDAQ:SIMO – Get Free Report) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 342,704 shares, a drop of 23.9% from the March 15th total of 450,530 shares. Based on an average daily volume of 518,542 shares, the days-to-cover ratio is currently 0.7 days. Currently, 1.1% of the shares of the stock are sold short.
Analysts Set New Price Targets
SIMO has been the subject of several research analyst reports. Needham & Company LLC upped their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Roth Mkm set a $140.00 target price on Silicon Motion Technology and gave the stock a “buy” rating in a report on Wednesday, February 4th. Wedbush boosted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Craig Hallum restated a “buy” rating and set a $160.00 price objective on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Finally, Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.50.
View Our Latest Analysis on SIMO
Silicon Motion Technology Stock Up 3.3%
Shares of NASDAQ SIMO opened at $130.15 on Wednesday. The stock has a market capitalization of $4.42 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 0.85 and a beta of 1.09. The stock’s fifty day simple moving average is $125.29 and its 200 day simple moving average is $107.00. Silicon Motion Technology has a 52-week low of $37.82 and a 52-week high of $146.85.
Institutional Trading of Silicon Motion Technology
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Brothers Harriman & Co. purchased a new stake in Silicon Motion Technology during the third quarter valued at about $26,000. WealthCollab LLC increased its position 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 worth $32,000 after acquiring an additional 151 shares in the last quarter. Arax Advisory Partners raised its holdings in shares of Silicon Motion Technology by 220.9% during the fourth quarter. Arax Advisory Partners now owns 446 shares of the semiconductor producer’s stock valued at $41,000 after acquiring an additional 307 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Silicon Motion Technology by 169.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after acquiring an additional 366 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC purchased a new stake in shares of Silicon Motion Technology in the 4th quarter valued at approximately $71,000. Institutional investors and hedge funds 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.