Silicon Motion Technology (NASDAQ:SIMO) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Thursday.

A number of other research firms have also commented on SIMO. Cowen upgraded shares of Silicon Motion Technology from a “market perform” rating to an “outperform” rating and set a $53.00 price objective for the company in a research report on Wednesday, August 15th. Roth Capital raised their price objective on shares of Silicon Motion Technology to $65.00 and gave the company a “buy” rating in a research report on Wednesday, August 1st. Morgan Stanley restated an “equal weight” rating on shares of Silicon Motion Technology in a research report on Thursday, August 2nd. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Silicon Motion Technology in a research report on Wednesday, August 1st. Finally, KeyCorp assumed coverage on shares of Silicon Motion Technology in a research report on Tuesday, September 25th. They issued a “sector weight” rating and a $60.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. Silicon Motion Technology has an average rating of “Buy” and an average price target of $58.40.

NASDAQ:SIMO traded down $1.79 on Thursday, reaching $45.27. 776,779 shares of the company’s stock were exchanged, compared to its average volume of 398,058. The firm has a market capitalization of $1.94 billion, a PE ratio of 21.66 and a beta of 0.42. Silicon Motion Technology has a 52 week low of $42.57 and a 52 week high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, July 31st. The semiconductor producer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.24. The firm had revenue of $138.10 million during the quarter, compared to analyst estimates of $137.80 million. Silicon Motion Technology had a net margin of 15.28% and a return on equity of 15.97%. The company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned $0.71 earnings per share. Sell-side analysts expect that Silicon Motion Technology will post 3.05 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC purchased a new stake in Silicon Motion Technology in the second quarter valued at approximately $12,508,000. Investec Asset Management PTY Ltd purchased a new stake in Silicon Motion Technology in the second quarter valued at approximately $9,341,000. SG Capital Management LLC purchased a new stake in Silicon Motion Technology in the second quarter valued at approximately $8,181,000. Millennium Management LLC raised its stake in Silicon Motion Technology by 19.1% in the first quarter. Millennium Management LLC now owns 708,609 shares of the semiconductor producer’s stock valued at $34,098,000 after purchasing an additional 113,842 shares in the last quarter. Finally, Aviva PLC purchased a new stake in Silicon Motion Technology in the second quarter valued at approximately $3,956,000. Institutional investors own 75.08% of the company’s stock.

Silicon Motion Technology Company Profile

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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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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