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Why Silicon Motion (SIMO) is a Top Momentum Stock for the Long-Term

Zacks Equity Research
·2-min read

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

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Silicon Motion (SIMO)

Founded in 1995, Silicon Motion Technology Corporation is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company also designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers (“OEM”) and other customers.

SIMO is a Zacks Rank #1 (Strong Buy) stock, with a Momentum Style Score of A and VGM Score of B. Shares are down 5.5% over the past one week and up 0% over the past four weeks. SIMO has gained 3.4% in the last one-year period as well. Looking at trading volume, an average of 383,230.06 shares exchanged hands over the last 20 trading days.

Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Three analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.09 to $3.51 per share. SIMO boasts an average earnings surprise of 4.7%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding SIMO to their portfolios.

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Silicon Motion Technology Corporation (SIMO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research