On August 6, Silicon Motion Technology rose 5.63% in regular trading, trading at $259.58 per share, with turnover of $29.26 million. The stock rebounded following the prior session's 5.4% decline triggered by storage cycle peak concerns, extending the recovery driven by a strong Q2 earnings report.

The company reported Q2 revenue of $451 million, up 127% year-over-year, significantly exceeding the market consensus estimate of $403.4 million. Adjusted earnings per share came in at $2.43, beating the analyst estimate of $2.14 by 13.6%. More notably, Q3 revenue guidance of $519 million to $541 million far surpassed the consensus expectation of $432 million, signaling continued robust demand across embedded, automotive, and AI storage segments. Additionally, B. Riley raised its price target from $312 to $350 while maintaining a Buy rating, reinforcing institutional bullish sentiment. The average analyst price target stands at $370 according to FactSet.

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