Silicon Motion Technology (NASDAQ:SIMO) Stock Price Up 5.7% – Time to Buy?

Shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) traded up 5.7% on Friday . The company traded as high as $126.00 and last traded at $122.8190. 194,401 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 792,624 shares. The stock had previously closed at $116.17.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SIMO. JPMorgan Chase & Co. lifted their price objective on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research note on Monday, November 3rd. Wall Street Zen upgraded Silicon Motion Technology from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Roth Mkm reaffirmed a “buy” rating and issued a $120.00 price target on shares of Silicon Motion Technology in a research note on Friday, October 31st. Wedbush set a $120.00 price target on shares of Silicon Motion Technology in a research report on Monday, November 3rd. Finally, William Blair began coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They set an “outperform” rating for the company. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $113.13.

Silicon Motion Technology Price Performance

The company’s 50-day moving average price is $99.04 and its 200-day moving average price is $90.42. The company has a market cap of $4.04 billion, a P/E ratio of 40.87, a P/E/G ratio of 1.29 and a beta of 1.05.

Institutional Investors Weigh In On Silicon Motion Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Penn Capital Management Company LLC grew its stake in shares of Silicon Motion Technology by 2.3% during the 3rd quarter. Penn Capital Management Company LLC now owns 5,821 shares of the semiconductor producer’s stock worth $552,000 after acquiring an additional 132 shares in the last quarter. WealthCollab LLC grew its position in Silicon Motion Technology by 77.4% in the fourth quarter. WealthCollab LLC now owns 346 shares of the semiconductor producer’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Orion Porfolio Solutions LLC increased its stake in Silicon Motion Technology by 0.9% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 17,733 shares of the semiconductor producer’s stock valued at $1,333,000 after buying an additional 159 shares during the last quarter. Hardy Reed LLC lifted its position in Silicon Motion Technology by 3.3% during the 3rd quarter. Hardy Reed LLC now owns 4,956 shares of the semiconductor producer’s stock worth $470,000 after buying an additional 159 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its position in Silicon Motion Technology by 4.0% during the 4th quarter. Sanctuary Advisors LLC now owns 4,331 shares of the semiconductor producer’s stock worth $401,000 after buying an additional 167 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.

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.