Silicon Motion Technology Corporation (NASDAQ:SIMO) Short Interest Update

Silicon Motion Technology Corporation (NASDAQ:SIMO) was the recipient of a significant growth in short interest in May. As of May 29th, there was short interest totaling 1,071,129 shares, a growth of 70.0% from the May 14th total of 630,042 shares. Currently, 3.3% of the shares of the stock are short sold. Based on an average trading volume of 1,142,975 shares, the days-to-cover ratio is presently 0.9 days.

Silicon Motion Technology Stock Performance

Shares of NASDAQ SIMO traded down $4.09 during mid-day trading on Monday, hitting $276.40. The stock had a trading volume of 754,892 shares, compared to its average volume of 842,698. Silicon Motion Technology has a 1 year low of $67.38 and a 1 year high of $314.34. The business has a 50 day moving average price of $214.29 and a two-hundred day moving average price of $147.84. The firm has a market cap of $9.37 billion, a P/E ratio of 54.95, a price-to-earnings-growth ratio of 0.68 and a beta of 1.72.

Silicon Motion Technology (NASDAQ:SIMO) last issued its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.31 by $0.27. The company had revenue of $342.11 million for the quarter, compared to the consensus estimate of $299.53 million. Silicon Motion Technology had a net margin of 16.02% and a return on equity of 20.24%. The firm’s revenue for the quarter was up 105.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.60 earnings per share. Equities research analysts predict that Silicon Motion Technology will post 7.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in Silicon Motion Technology by 33.2% during the 1st quarter. Bank of America Corp DE now owns 244,387 shares of the semiconductor producer’s stock valued at $27,442,000 after purchasing an additional 60,970 shares during the period. EverSource Wealth Advisors LLC increased its position in Silicon Motion Technology by 78.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,159 shares of the semiconductor producer’s stock valued at $130,000 after purchasing an additional 511 shares during the period. Royal Bank of Canada increased its position in Silicon Motion Technology by 4.5% during the 1st quarter. Royal Bank of Canada now owns 49,037 shares of the semiconductor producer’s stock valued at $5,506,000 after purchasing an additional 2,110 shares during the period. Hawk Ridge Capital Management LP increased its position in Silicon Motion Technology by 48.9% during the 1st quarter. Hawk Ridge Capital Management LP now owns 1,173,315 shares of the semiconductor producer’s stock valued at $131,752,000 after purchasing an additional 385,568 shares during the period. Finally, Maverick Capital Ltd. purchased a new position in Silicon Motion Technology during the 1st quarter valued at $827,000. 78.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SIMO has been the topic of several analyst reports. Roth Mkm reaffirmed a “buy” rating and issued a $250.00 target price on shares of Silicon Motion Technology in a research note on Wednesday, April 29th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Susquehanna lifted their target price on shares of Silicon Motion Technology from $175.00 to $275.00 and gave the stock a “positive” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. lifted their target price on shares of Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised shares of Silicon Motion Technology from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Silicon Motion Technology presently has an average rating of “Buy” and a consensus target price of $205.63.

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.