Silicon Motion Technology (NASDAQ:SIMO) Hits New 52-Week High – Here’s What Happened

Silicon Motion Technology Corporation (NASDAQ:SIMO) reached a new 52-week high on Wednesday . The stock traded as high as $133.34 and last traded at $130.0430, with a volume of 296353 shares trading hands. The stock had previously closed at $120.42.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SIMO shares. Needham & Company LLC increased their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum reiterated a “buy” rating and issued a $160.00 price target on shares of Silicon Motion Technology in a research note on Thursday. Wedbush lifted their price target on shares of Silicon Motion Technology from $130.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Silicon Motion Technology presently has an average rating of “Moderate Buy” and an average target price of $132.50.

Silicon Motion Technology Stock Up 1.5%

The firm’s fifty day simple moving average is $102.84 and its 200-day simple moving average is $92.08. The firm has a market capitalization of $4.35 billion, a PE ratio of 35.18, a PEG ratio of 0.96 and a beta of 1.06.

Institutional Trading of Silicon Motion Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. bought a new position in shares of Silicon Motion Technology during the third quarter valued at $26,000. WealthCollab LLC raised its position in Silicon Motion Technology by 77.4% in the 4th quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock worth $32,000 after buying an additional 151 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Silicon Motion Technology by 169.4% during 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 during the period. MeadowBrook Investment Advisors LLC purchased a new stake in shares of Silicon Motion Technology during the 4th quarter valued at about $71,000. Finally, NewEdge Advisors LLC bought a new stake in shares of Silicon Motion Technology in the third quarter worth approximately $79,000. Institutional investors 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.