Silicon Motion Technology Corporation $SIMO Stake Lowered by Boothbay Fund Management LLC

Boothbay Fund Management LLC trimmed its stake in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 13.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 48,599 shares of the semiconductor producer’s stock after selling 7,386 shares during the quarter. Boothbay Fund Management LLC owned about 0.14% of Silicon Motion Technology worth $4,608,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Brown Brothers Harriman & Co. bought a new position in Silicon Motion Technology during the 3rd quarter worth $26,000. EverSource Wealth Advisors LLC lifted its stake in Silicon Motion Technology by 169.4% in the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after buying an additional 366 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Silicon Motion Technology in the second quarter valued at $75,000. GAMMA Investing LLC boosted its holdings in shares of Silicon Motion Technology by 23.3% during the third quarter. GAMMA Investing LLC now owns 1,203 shares of the semiconductor producer’s stock valued at $114,000 after acquiring an additional 227 shares during the period. Finally, Headlands Technologies LLC acquired a new position in shares of Silicon Motion Technology during the second quarter valued at $108,000. Institutional investors own 78.02% of the company’s stock.

Silicon Motion Technology Price Performance

SIMO stock opened at $123.26 on Monday. The firm has a market cap of $4.19 billion, a PE ratio of 33.86, a P/E/G ratio of 0.82 and a beta of 1.02. Silicon Motion Technology Corporation has a 12 month low of $37.21 and a 12 month high of $146.85. The firm has a 50 day simple moving average of $122.76 and a 200 day simple moving average of $101.90.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SIMO. William Blair assumed coverage on shares of Silicon Motion Technology in a report on Thursday, January 22nd. They issued an “outperform” rating on the stock. Craig Hallum restated a “buy” rating and issued a $160.00 target price on shares of Silicon Motion Technology in a research report on Thursday, February 5th. Wall Street Zen lowered shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Silicon Motion Technology in a report on Monday, December 29th. Finally, Wedbush boosted their price objective on Silicon Motion Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $132.50.

Silicon Motion Technology 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.