Silicon Motion Technology Corporation (NASDAQ:SIMO) Sees Significant Growth in Short Interest

Silicon Motion Technology Corporation (NASDAQ:SIMO) was the recipient of a large growth in short interest in the month of December. As of December 31st, there was short interest totaling 662,726 shares, a growth of 34.9% from the December 15th total of 491,338 shares. Based on an average trading volume of 239,479 shares, the short-interest ratio is presently 2.8 days. Currently, 2.1% of the company’s shares are sold short. Currently, 2.1% of the company’s shares are sold short. Based on an average trading volume of 239,479 shares, the short-interest ratio is presently 2.8 days.

Institutional Trading of Silicon Motion Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Brown Brothers Harriman & Co. acquired a new position in shares of Silicon Motion Technology during the third quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its position in Silicon Motion Technology by 169.4% during the second quarter. EverSource Wealth Advisors LLC now owns 582 shares of the semiconductor producer’s stock valued at $44,000 after purchasing an additional 366 shares during the last quarter. MeadowBrook Investment Advisors LLC bought a new position in Silicon Motion Technology in the fourth quarter valued at approximately $71,000. GAMMA Investing LLC increased its position in shares of Silicon Motion Technology by 118.3% during the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer’s stock worth $73,000 after purchasing an additional 529 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Silicon Motion Technology during the 2nd quarter worth approximately $75,000. Institutional investors and hedge funds own 78.02% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO stock traded down $0.51 during mid-day trading on Friday, hitting $112.87. 631,372 shares of the company were exchanged, compared to its average volume of 576,726. Silicon Motion Technology has a 1-year low of $37.21 and a 1-year high of $123.30. The firm’s 50 day simple moving average is $93.33 and its 200 day simple moving average is $87.50. The firm has a market cap of $3.84 billion, a P/E ratio of 38.79, a P/E/G ratio of 1.25 and a beta of 1.05.

Silicon Motion Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 6th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 6th. Silicon Motion Technology’s payout ratio is currently 68.38%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on SIMO shares. JPMorgan Chase & Co. raised their price target on Silicon Motion Technology from $85.00 to $110.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. B. Riley boosted their target price on Silicon Motion Technology from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Silicon Motion Technology in a research report on Monday, December 29th. Wedbush set a $120.00 price objective on shares of Silicon Motion Technology in a research note on Monday, November 3rd. Finally, Zacks Research downgraded shares of Silicon Motion Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 24th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $113.13.

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.