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Silicon Motion Technology Co. (NASDAQ: SIMO – Get Rating ) – Equities research analysts at B. Riley reduced their Q1 2023 earnings per share (EPS) estimates for Silicon Motion Technology in a report issued on Wednesday. , February 8. B. Riley analyst C. Ellis now forecasts that the semiconductor producer will earn $0.07 per share for the quarter, up from their previous forecast of $1.23. The consensus estimate for Silicon Motion Technology’s current full-year earnings is $4.78 per share. B. Riley also issued estimates for Silicon Motion Technology’s Q2 2023 earnings at $0.08 EPS, Q3 2023 earnings at $0.33 EPS, Q4 2023 earnings at $0.43 EPS, FY2023 earnings at $0.91 EPS, Q1 2024 earnings at $0.91 EPS. $2024 earnings in $2024. , Q3 2024 earnings at $0.71 EPS, Q4 2024 earnings at $0.74 EPS and FY2024 earnings at $2.22 EPS.
Silicon Motion Technology (NASDAQ:SIMO – Get Rating ) last released its earnings results on Tuesday, February 7. The semiconductor producer reported $1.22 EPS for the quarter, missing analysts’ estimates of $1.38 by ($0.16). Silicon Motion Technology has a return on equity of 25.65% and a net margin of 18.24%. The company had revenue of $200.76 million for the quarter, compared to the consensus estimate of $256.71 million. During the same period last year, the business earned $1.73 EPS. The company’s quarterly revenue was down 24.1% on a year-over-year basis.
Separately, Needham & Company LLC upped their target price on Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $103.60.
Silicon Motion Technology Stock Down 1.1%
Shares of Silicon Motion Technology stock opened at $65.84 on Monday. The stock has a market cap of $2.18 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 2.78 and a beta of 0.93. The business has a fifty-day simple moving average of $65.07 and a 200-day simple moving average of $67.06. Silicon Motion Technology has a 12 month low of $51.82 and a 12 month high of $98.65.
Hedge Funds Weigh In On Silicon Motion Technology
A number of large investors have recently added to or reduced their stakes in the company. Pinebridge Investments LP boosted its holdings in shares of Silicon Motion Technology by 127.0% in the 2nd quarter. Pinebridge Investments LP now owns 454 shares of the semiconductor producer’s stock worth $38,000 after acquiring an additional 254 shares during the last quarter. Covestor Ltd bought a new position in Silicon Motion Technology during the first quarter worth about $97,000. Quadrant Capital Group LLC lifted its position in Silicon Motion Technology by 220.4% in the third quarter. Quadrant Capital Group LLC now owns 1,586 shares of the semiconductor producer’s stock worth $103,000 after acquiring an additional 1,091 shares during the last quarter. Asset Management One Co. Ltd. acquired a new stake in Silicon Motion Technology during the fourth quarter worth approximately $115,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Silicon Motion Technology during the third quarter worth approximately $116,000. Institutional investors own 66.67% of the company’s stock.
About Silicon Motion Technology
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Silicon Motion Technology Corp. engaged in the development, manufacture and supply of semiconductor products for the electronics market. The company’s products include Flash Controllers, Storage Solutions, and more. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.
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