Investors Purchase Large Volume of Call Options on Silicon Motion Technology (NASDAQ:SIMO)
Silicon Motion Technology Co. (NASDAQ:SIMO - Get Rating) was the recipient of some unusual options trading on Wednesday. Investors purchased 3,023 call options on the company. This represents an increase of approximately 322% compared to the average daily volume of 717 call options.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Needham & Company LLC upgraded Silicon Motion Technology from a "hold" rating to a "buy" rating and set a $75.00 price objective for the company in a research note on Wednesday, November 2nd. Susquehanna Bancshares upgraded Silicon Motion Technology to a "positive" rating and set a $108.00 price objective for the company in a research note on Wednesday, October 5th. StockNews.com began coverage on Silicon Motion Technology in a research note on Wednesday, October 12th. They issued a "hold" rating for the company. Finally, Susquehanna upgraded Silicon Motion Technology from a "neutral" rating to a "positive" rating and set a $108.00 price target for the company in a research note on Wednesday, October 5th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Silicon Motion Technology has an average rating of "Moderate Buy" and a consensus target price of $103.00.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in SIMO. Westchester Capital Management LLC bought a new position in Silicon Motion Technology in the 2nd quarter worth about $68,393,000. Mangrove Partners raised its holdings in shares of Silicon Motion Technology by 436.2% in the 3rd quarter. Mangrove Partners now owns 741,160 shares of the semiconductor producer's stock valued at $48,316,000 after acquiring an additional 602,935 shares in the last quarter. TIG Advisors LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at about $41,835,000. Grantham Mayo Van Otterloo & Co. LLC purchased a new stake in shares of Silicon Motion Technology in the 2nd quarter valued at about $38,974,000. Finally, Marshall Wace LLP raised its holdings in shares of Silicon Motion Technology by 499.3% in the 3rd quarter. Marshall Wace LLP now owns 382,408 shares of the semiconductor producer's stock valued at $24,929,000 after acquiring an additional 318,598 shares in the last quarter. Institutional investors own 66.67% of the company's stock.
Silicon Motion Technology Trading Down 0.9 %
Shares of SIMO stock traded down $0.59 on Wednesday, hitting $63.01. 4,819 shares of the stock were exchanged, compared to its average volume of 249,584. The firm has a market capitalization of $2.08 billion, a PE ratio of 10.19, a P/E/G ratio of 2.17 and a beta of 0.95. Silicon Motion Technology has a one year low of $51.82 and a one year high of $98.65. The firm's 50 day moving average is $60.92 and its two-hundred day moving average is $71.45.
Silicon Motion Technology (NASDAQ:SIMO - Get Rating) last issued its earnings results on Tuesday, November 1st. The semiconductor producer reported $1.29 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.51). Silicon Motion Technology had a return on equity of 32.05% and a net margin of 20.76%. The company had revenue of $250.81 million during the quarter, compared to the consensus estimate of $279.33 million. On average, sell-side analysts expect that Silicon Motion Technology will post 5.74 earnings per share for the current year.
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. It 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.
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