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Silicon Motion Technology: The Winning Streak Continues (SIMO)

By Amy Schwartz

Shares of Silicon Motion Technology (NASDAQ:SIMO) traded at a new 52-week high today of $53.56. This new high was reached on below average trading volume as 139,000 shares traded hands, while the average 30-day volume is approximately 672,000 shares.

Silicon Motion Technology share prices have moved between a 52-week high of $53.56 and a 52-week low of $20.01 and are now trading 165% above that low price at $52.99 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has risen 0.6%.

Silicon Motion Technology Corporation is a semiconductor company that designs, develops, and markets semiconductor products for the multimedia consumer electronics market. The Company's products include controllers used in mobile storage media and multimedia systems on a chip.

Silicon Motion Technology (NASDAQ:SIMO) is currently priced 30.7% above its average consensus analyst price target of $36.75. The stock should discover initial support at its 50-day moving average (MA) of $37.13 and subsequent support at its 200-day MA of $31.17.

SmarTrend recommended that subscribers consider buying shares of Silicon Motion Technology on February 5th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.28. Since that recommendation, shares of Silicon Motion Technology have risen 66.9%. We continue to monitor SIMO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows silicon motion technology

Ticker(s): SIMO