Silicon Motion Technology Corporation $SIMO Shares Sold by Kite Lake Capital Management UK LLP

Kite Lake Capital Management UK LLP decreased its holdings in shares of Silicon Motion Technology Corporation (NASDAQ:SIMO) by 6.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 364,951 shares of the semiconductor producer’s stock after selling 26,577 shares during the quarter. Silicon Motion Technology accounts for approximately 37.2% of Kite Lake Capital Management UK LLP’s holdings, making the stock its 2nd biggest position. Kite Lake Capital Management UK LLP’s holdings in Silicon Motion Technology were worth $34,601,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Boston Partners lifted its stake in Silicon Motion Technology by 33.2% in the 2nd quarter. Boston Partners now owns 735,597 shares of the semiconductor producer’s stock worth $55,294,000 after acquiring an additional 183,458 shares in the last quarter. XTX Topco Ltd purchased a new position in Silicon Motion Technology during the 2nd quarter valued at about $1,780,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Silicon Motion Technology in the 2nd quarter valued at about $263,000. SG Americas Securities LLC purchased a new stake in shares of Silicon Motion Technology in the third quarter worth approximately $1,070,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Silicon Motion Technology in the second quarter worth approximately $288,000. 78.02% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SIMO has been the topic of a number of research analyst reports. William Blair initiated coverage on shares of Silicon Motion Technology in a research report on Thursday, January 22nd. They set an “outperform” rating on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Silicon Motion Technology in a research note on Monday, December 29th. Zacks Research raised shares of Silicon Motion Technology from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Needham & Company LLC increased their price objective on Silicon Motion Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Roth Mkm set a $140.00 price objective on Silicon Motion Technology and gave the company a “buy” rating in a research report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $132.50.

Silicon Motion Technology Stock Performance

Shares of SIMO opened at $125.97 on Tuesday. The firm has a market cap of $4.28 billion, a PE ratio of 34.61, a PEG ratio of 0.82 and a beta of 1.02. The firm’s 50 day moving average price is $123.41 and its 200 day moving average price is $102.21. Silicon Motion Technology Corporation has a twelve month low of $37.21 and a twelve month high of $146.85.

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.