Silicon Motion Technology (NASDAQ:SIMO) Shares Gap Down – Time to Sell?

Silicon Motion Technology Corporation (NASDAQ:SIMO)’s share price gapped down prior to trading on Friday . The stock had previously closed at $289.08, but opened at $277.33. Silicon Motion Technology shares last traded at $274.4550, with a volume of 38,926 shares.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Wall Street Zen cut shares of Silicon Motion Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 4th. Susquehanna boosted their price target on Silicon Motion Technology from $175.00 to $275.00 and gave the company a “positive” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. increased their price target on Silicon Motion Technology from $145.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. B. Riley Financial restated a “buy” rating on shares of Silicon Motion Technology in a research note on Thursday, April 30th. Finally, Weiss Ratings cut Silicon Motion Technology from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $246.43.

Silicon Motion Technology Stock Down 5.0%

The business’s 50 day moving average is $290.77 and its 200-day moving average is $191.61. The firm has a market capitalization of $9.31 billion, a P/E ratio of 54.21, a PEG ratio of 0.62 and a beta of 1.70.

Silicon Motion Technology (NASDAQ:SIMO) last released its earnings results on Tuesday, April 28th. The semiconductor producer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.27. Silicon Motion Technology had a return on equity of 20.24% and a net margin of 16.02%.The firm had revenue of $342.11 million during the quarter, compared to analysts’ expectations of $299.53 million. During the same period in the prior year, the company earned $0.60 earnings per share. The company’s quarterly revenue was up 105.5% on a year-over-year basis. Research analysts forecast that Silicon Motion Technology Corporation will post 8.48 EPS for the current fiscal year.

Insider Buying and Selling

In other Silicon Motion Technology news, Director Han-Ping Shieh sold 1,000 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $328.00, for a total value of $328,000.00. Following the completion of the transaction, the director directly owned 7,500 shares in the company, valued at approximately $2,460,000. This trade represents a 11.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kuan-Ming Lin sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $305.00, for a total transaction of $610,000.00. Following the completion of the transaction, the director owned 8,500 shares of the company’s stock, valued at approximately $2,592,500. This trade represents a 19.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,000 shares of company stock valued at $1,239,250. 5.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Schwartz Investment Counsel Inc. boosted its position in Silicon Motion Technology by 36.4% during the first quarter. Schwartz Investment Counsel Inc. now owns 300,000 shares of the semiconductor producer’s stock valued at $33,687,000 after acquiring an additional 80,000 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in shares of Silicon Motion Technology in the 1st quarter worth about $4,827,000. AIGH Capital Management LLC bought a new position in shares of Silicon Motion Technology in the 1st quarter worth about $22,458,000. Calamos Advisors LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at about $2,686,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Silicon Motion Technology in the 1st quarter valued at about $496,000. 78.02% of the stock is owned by institutional investors.

Silicon Motion Technology Company 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.