BidaskClub Lowers Silicon Motion Technology Corporation (SIMO) to Strong Sell

Silicon Motion Technology Corporation (NASDAQ:SIMO) was downgraded by BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Tuesday.

Several other analysts have also recently commented on the stock. Summit Redstone restated a “hold” rating on shares of Silicon Motion Technology Corporation in a research note on Saturday. B. Riley reiterated a “buy” rating and issued a $68.75 price target on shares of Silicon Motion Technology Corporation in a report on Saturday, July 15th. Loop Capital cut their price target on shares of Silicon Motion Technology Corporation from $61.00 to $54.00 and set a “buy” rating for the company in a report on Monday, July 10th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price target (down previously from $56.00) on shares of Silicon Motion Technology Corporation in a report on Friday, July 7th. Finally, Zacks Investment Research downgraded shares of Silicon Motion Technology Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Silicon Motion Technology Corporation currently has an average rating of “Hold” and a consensus price target of $57.56.

Silicon Motion Technology Corporation (SIMO) traded down 0.64% during mid-day trading on Tuesday, hitting $42.04. 442,362 shares of the stock were exchanged. Silicon Motion Technology Corporation has a one year low of $37.37 and a one year high of $56.25. The company has a market cap of $1.49 billion, a P/E ratio of 13.48 and a beta of 0.73. The company has a 50-day moving average price of $48.67 and a 200-day moving average price of $45.91.

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Institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in Silicon Motion Technology Corporation by 8.5% in the first quarter. Wellington Management Group LLP now owns 2,489,838 shares of the semiconductor producer’s stock valued at $116,400,000 after buying an additional 194,518 shares during the period. Lazard Asset Management LLC increased its position in Silicon Motion Technology Corporation by 10.1% in the first quarter. Lazard Asset Management LLC now owns 1,639,575 shares of the semiconductor producer’s stock valued at $76,650,000 after buying an additional 150,619 shares during the period. ARGA Investment Management LP acquired a new position in Silicon Motion Technology Corporation during the first quarter valued at $55,464,000. Investec Asset Management LTD increased its position in Silicon Motion Technology Corporation by 5.8% in the first quarter. Investec Asset Management LTD now owns 1,119,187 shares of the semiconductor producer’s stock valued at $52,322,000 after buying an additional 61,201 shares during the period. Finally, Columbia Wanger Asset Management LLC acquired a new position in Silicon Motion Technology Corporation during the first quarter valued at $36,231,000. Hedge funds and other institutional investors own 79.80% of the company’s stock.

About Silicon Motion Technology Corporation

Silicon Motion Technology Corporation is a fabless semiconductor company. The Company designs, develops and markets low-power semiconductor solutions to original equipment manufacturers (OEMs) and other customers in the mobile storage and mobile communications markets. It is engaged in developing negative-AND (NAND) flash controller integrated circuits (ICs) for solid-state storage devices and specialty radio frequency (RF) ICs for mobile devices.