Silicon Motion Technology (NASDAQ:SIMO) announced its earnings results on Tuesday. The semiconductor producer reported $0.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.52, Briefing.com reports. The company had revenue of $98.80 million for the quarter, compared to analyst estimates of $97.33 million. Silicon Motion Technology had a return on equity of 19.04% and a net margin of 17.28%. The firm’s quarterly revenue was down 28.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 earnings per share.
Silicon Motion Technology stock traded down $4.67 during mid-day trading on Wednesday, reaching $36.19. 57,671 shares of the company were exchanged, compared to its average volume of 277,356. The firm’s fifty day simple moving average is $42.01. Silicon Motion Technology has a 12 month low of $31.73 and a 12 month high of $61.85. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 4.19 and a beta of 1.01.
A number of equities analysts have recently weighed in on SIMO shares. BidaskClub lowered Silicon Motion Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Morgan Stanley lowered Silicon Motion Technology from an “equal weight” rating to an “underweight” rating in a research note on Monday, April 22nd. B. Riley increased their target price on Silicon Motion Technology from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Cowen reiterated an “outperform” rating and set a $45.00 target price (up previously from $43.00) on shares of Silicon Motion Technology in a research note on Monday, May 6th. Finally, Zacks Investment Research upgraded Silicon Motion Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. Silicon Motion Technology currently has an average rating of “Buy” and a consensus target price of $49.95.
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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