Silicon Motion Technology (NASDAQ:SIMO) Upgraded to “Sell” at BidaskClub

BidaskClub upgraded shares of Silicon Motion Technology (NASDAQ:SIMO) from a strong sell rating to a sell rating in a report published on Friday morning, BidAskClub reports.

A number of other research firms have also issued reports on SIMO. ValuEngine lowered shares of Silicon Motion Technology from a hold rating to a sell rating in a research note on Friday, July 17th. Cowen boosted their target price on shares of Silicon Motion Technology from $54.00 to $60.00 and gave the company an outperform rating in a research note on Monday, June 22nd. Zacks Investment Research lowered shares of Silicon Motion Technology from a hold rating to a sell rating and set a $47.00 target price for the company. in a research note on Tuesday, July 21st. Royal Bank of Canada restated a hold rating and set a $45.00 price target on shares of Silicon Motion Technology in a research report on Thursday, July 30th. Finally, Needham & Company LLC dropped their price target on shares of Silicon Motion Technology from $62.00 to $55.00 and set a buy rating on the stock in a research report on Thursday, July 30th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $51.73.

NASDAQ SIMO opened at $38.04 on Friday. The company has a 50-day simple moving average of $38.34 and a 200-day simple moving average of $41.24. The firm has a market capitalization of $1.39 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.76 and a beta of 1.11. Silicon Motion Technology has a one year low of $26.72 and a one year high of $53.04.

Silicon Motion Technology (NASDAQ:SIMO) last posted its earnings results on Wednesday, July 29th. The semiconductor producer reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.08. The firm had revenue of $136.80 million during the quarter, compared to analyst estimates of $134.17 million. Silicon Motion Technology had a net margin of 15.71% and a return on equity of 14.91%. Silicon Motion Technology’s revenue was up 38.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 EPS. Equities research analysts expect that Silicon Motion Technology will post 2.52 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new stake in shares of Silicon Motion Technology in the 2nd quarter worth approximately $29,000. Quantum Capital Management bought a new stake in shares of Silicon Motion Technology in the 1st quarter worth approximately $100,000. Deutsche Bank AG raised its holdings in shares of Silicon Motion Technology by 50,614.3% in the 1st quarter. Deutsche Bank AG now owns 3,550 shares of the semiconductor producer’s stock worth $130,000 after purchasing an additional 3,543 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Silicon Motion Technology by 259.6% in the 2nd quarter. Bank of Montreal Can now owns 3,301 shares of the semiconductor producer’s stock worth $145,000 after purchasing an additional 2,383 shares in the last quarter. Finally, Optimum Investment Advisors bought a new stake in shares of Silicon Motion Technology in the 2nd quarter worth approximately $156,000. Institutional investors and hedge funds own 69.75% of the company’s stock.

About Silicon Motion Technology

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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Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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