BidaskClub Lowers Silicon Motion Technology (NASDAQ:SIMO) to Sell

BidaskClub cut shares of Silicon Motion Technology (NASDAQ:SIMO) from a hold rating to a sell rating in a report issued on Tuesday, BidAskClub reports.

Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Silicon Motion Technology from a hold rating to a sell rating in a report on Thursday, August 1st. JPMorgan Chase & Co. cut shares of Silicon Motion Technology from an overweight rating to a neutral rating and decreased their price target for the stock from $50.00 to $40.00 in a report on Thursday, August 1st. Cowen restated an outperform rating and set a $42.00 price target (down from $45.00) on shares of Silicon Motion Technology in a report on Thursday, August 1st. Morgan Stanley cut shares of Silicon Motion Technology from an equal weight rating to an underweight rating in a research note on Monday, April 22nd. Finally, Roth Capital reduced their target price on shares of Silicon Motion Technology from $50.00 to $45.00 and set a buy rating for the company in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $47.58.

SIMO stock opened at $32.80 on Tuesday. The firm has a market capitalization of $1.23 billion, a PE ratio of 9.62, a P/E/G ratio of 3.80 and a beta of 1.04. The stock’s 50 day moving average is $41.24. Silicon Motion Technology has a 52 week low of $31.73 and a 52 week high of $61.85.

Silicon Motion Technology (NASDAQ:SIMO) last posted its quarterly earnings results on Tuesday, July 30th. The semiconductor producer reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. The business had revenue of $98.80 million during the quarter, compared to analysts’ expectations of $97.33 million. Silicon Motion Technology had a net margin of 17.84% and a return on equity of 17.76%. The firm’s quarterly revenue was down 28.5% compared to the same quarter last year. During the same period last year, the company posted $0.92 earnings per share. Equities research analysts forecast that Silicon Motion Technology will post 1.79 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN lifted its stake in Silicon Motion Technology by 10.0% in the second quarter. Wells Fargo & Company MN now owns 50,829 shares of the semiconductor producer’s stock valued at $2,257,000 after acquiring an additional 4,614 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Silicon Motion Technology by 1.5% in the second quarter. Envestnet Asset Management Inc. now owns 50,886 shares of the semiconductor producer’s stock valued at $2,258,000 after acquiring an additional 742 shares during the last quarter. Keybank National Association OH acquired a new stake in Silicon Motion Technology in the second quarter valued at approximately $209,000. CWM LLC lifted its stake in Silicon Motion Technology by 3,624.1% in the second quarter. CWM LLC now owns 1,080 shares of the semiconductor producer’s stock valued at $48,000 after acquiring an additional 1,051 shares during the last quarter. Finally, ARGA Investment Management LP lifted its stake in Silicon Motion Technology by 15.5% in the second quarter. ARGA Investment Management LP now owns 1,560,879 shares of the semiconductor producer’s stock valued at $69,272,000 after acquiring an additional 209,089 shares during the last quarter. Hedge funds and other institutional investors own 69.71% 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.

Read More: What does an outperform rating mean?

Analyst Recommendations for Silicon Motion Technology (NASDAQ:SIMO)

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