Silicon Motion Technology (NASDAQ:SIMO) Trading 9% Higher - Still a Buy?
Silicon Motion Technology Corporation (NASDAQ:SIMO-Get Free Report) was up 9% during mid-day trading on Wednesday . The company traded as high as $244. 67 and last traded at $244. 13. 1,193,166 shares traded. . .
Silicon Motion Technology Corporation (NASDAQ:SIMO-Get Free Report) was up 9% during mid-day trading on Wednesday . The company traded as high as $244. 67 and last traded at $244. 13. 1,193,166 shares traded hands during trading, an increase of 33% from the average daily volume of 900,016 shares. The stock had previously closed at $224. 00. GetSIMOalerts:Wall Street Analysts Forecast GrowthThese 3 AI Stocks Just Crushed Earnings: Still Time To Buy?Several equities analysts recently commented on the company. Weiss Ratingsreiterated a "hold (c)" rating on shares of Silicon Motion Technology in a research note on Monday, August 3rd. Needham & Company LLC raised their target price on Silicon Motion Technology from $240. 00 to $355. 00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Susquehanna boosted their target price on Silicon Motion Technology from $275. 00 to $350. 00 and gave the company a "positive" rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their price target on Silicon Motion Technology from $145. 00 to $260. 00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Finally, Craig Hallum reiterated a "buy" rating and set a $325. 00 price target on shares of Silicon Motion Technology in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat. com, the company has an average rating of "Buy" and an average target price of $341. 43. Check Out Our Latest Analysis on SIMOSilicon Motion Technology Stock Up 9. 8%Analysts Are All In on This Tech Stock—Why You Should Be, TooThe business's 50-day moving average price is $284. 16 and its 200 day moving average price is $203. 90. The company has a market capitalization of $8. 34 billion, a P/E ratio of 28. 85, a price-to-earnings-growth ratio of 0. 40 and a beta of 1. 71. Silicon Motion Technology (NASDAQ:SIMO-Get Free Report) last posted its earnings results on Wednesday, July 29th. The semiconductor producer reported $2. 43 earnings per share for the quarter, topping analysts' consensus estimates of $2. 13 by $0. 30. Silicon Motion Technology had a net margin of 22. 06% and a return on equity of 32. 04%. The business had revenue of $451. 00 million for the quarter, compared to analyst estimates of $403. 41 million. During the same quarter in the prior year, the firm posted $0. 69 EPS. Silicon Motion Technology's revenue was up 127. 0% on a year-over-year basis. Analysts anticipate that Silicon Motion Technology Corporation will post 10. 78 EPS for the current fiscal year. Insiders Place Their BetsSilicon Motion Proves That AI in Motion Stays in MotionIn other news, DirectorHan-Ping Shiehsold 1,000 shares of the business's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328. 00, for a total transaction of $328,000. 00. Following the completion of the transaction, the director owned 7,500 shares of the company's stock, valued at approximately $2,460,000. The trade was a 11. 76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed throughthe SEC website. Also, DirectorKuan-Ming Linsold 2,000 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $305. 00, for a total transaction of $610,000. 00. Following the completion of the transaction, the director owned 8,500 shares in the company, valued at approximately $2,592,500. This trade represents a 19. 05% decrease in their ownership of the stock. The disclosure for this sale is available in theSEC filing. Insiders sold 4,000 shares of company stock worth $1,239,250 in the last quarter. 5. 34% of the stock is currently owned by company insiders. Hedge Funds Weigh In On Silicon Motion TechnologyA number of institutional investors have recently made changes to their positions in SIMO. Kornitzer Capital Management Inc. KS purchased a new position in shares of Silicon Motion Technology in the first quarter worth about $4,827,000. Schwartz Investment Counsel Inc. lifted its stake in shares of Silicon Motion Technology by 36. 4% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer's stock valued at $33,687,000 after acquiring an additional 80,000 shares during the last quarter. AIGH Capital Management LLC purchased a new stake in Silicon Motion Technology during the 1st quarter valued at about $22,458,000. Calamos Advisors LLC purchased a new stake in Silicon Motion Technology during the 1st quarter valued at about $2,686,000. Finally, Elevation Point Wealth Partners LLC bought a new position in Silicon Motion Technology during the 1st quarter worth approximately $496,000. Institutional investors own 78. 02% of the company's stock. Silicon Motion Technology Company Profile(Get Free Report)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. Further ReadingFive stocks we like better than Silicon Motion TechnologyNebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not DemandLegacy Jet Builders Stall While Embraer Accelerates to New HighsIntel’s Rally Gave It a $20 Billion Opportunity and Now Comes the Hard PartVisa’s AI Opportunity Is Hiding in Every TransactionThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat. com. Continue following MarketBeatAdd MarketBeat as your preferred source on Google to see our latest stories in your feed. Should You Invest $1,000 in Silicon Motion Technology Right Now?Before you consider Silicon Motion Technology, you'll want to hear this. 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