Quadrant Capital Group LLC Sells 644 Shares of Silicon Motion Technology Co. (NASDAQ:SIMO)

Posted by Defense World Staff on Jun 7th, 2023

Quadrant Capital Group LLC lessened its holdings in Silicon Motion Technology Co. (NASDAQ:SIMO – Get Rating) by 40.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 942 shares of the semiconductor producer’s stock after selling 644 shares during the period. Quadrant Capital Group LLC’s holdings in Silicon Motion Technology were worth $61,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in SIMO. Raymond James & Associates raised its position in Silicon Motion Technology by 28.4% in the first quarter. Raymond James & Associates now owns 20,668 shares of the semiconductor producer’s stock worth $1,381,000 after purchasing an additional 4,569 shares in the last quarter. Citigroup Inc. raised its position in Silicon Motion Technology by 1,076.4% in the first quarter. Citigroup Inc. now owns 20,151 shares of the semiconductor producer’s stock worth $1,346,000 after purchasing an additional 18,438 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Silicon Motion Technology by 7.6% in the first quarter. PNC Financial Services Group Inc. now owns 9,858 shares of the semiconductor producer’s stock worth $659,000 after purchasing an additional 700 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Silicon Motion Technology by 77.6% during the first quarter. BlackRock Inc. now owns 96,164 shares of the semiconductor producer’s stock worth $6,426,000 after buying an additional 42,017 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Silicon Motion Technology by 5.7% during the first quarter. Sei Investments Co. now owns 183,327 shares of the semiconductor producer’s stock worth $12,239,000 after buying an additional 9,964 shares in the last quarter. Institutional investors and hedge funds own 66.67% of the company’s stock.

Silicon Motion Technology Stock Performance

SIMO opened at $68.23 on Wednesday. The firm’s fifty day moving average is $61.19 and its two-hundred day moving average is $63.64. The firm has a market cap of $2.26 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 5.70 and a beta of 0.90. Silicon Motion Technology Co. has a twelve month low of $51.53 and a twelve month high of $93.88.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Needham & Company LLC increased their price target on shares of Silicon Motion Technology from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, February 8th. Wedbush increased their price target on shares of Silicon Motion Technology from $103.00 to $104.00 in a research note on Friday, May 19th. 888 reissued a “maintains” rating on shares of Silicon Motion Technology in a research note on Friday, May 19th. StockNews.com assumed coverage on shares of Silicon Motion Technology in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Susquehanna reduced their price objective on shares of Silicon Motion Technology from $108.00 to $106.00 and set a “positive” rating on the stock in a research note on Wednesday, April 19th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.00.

About Silicon Motion Technology

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Silicon Motion Technology Corp. engages in the development, manufacture, and supply of semiconductor products for the electronics market. Its products include Flash Controllers, Storage Solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.