Silicon Motion Technology (SIMO) shares plummeted 8.20% during Thursday's intraday session, marking a sharp reversal from earlier gains.

The steep decline is attributed to profit-taking by investors following a significant rally driven by the company's exceptional first-quarter earnings report. The stock had surged in prior sessions after Silicon Motion reported record revenue that more than doubled year-over-year and issued strong forward guidance.

Analyst coverage remains largely positive with several firms raising price targets, indicating continued confidence in the company's fundamentals despite the short-term pullback.