5 Best Small Cap Tech Stocks To Buy

2. Silicon Motion Technology Corporation (NASDAQ:SIMO)

Number of Hedge Fund Holders: 34

Silicon Motion Technology Corporation (NASDAQ:SIMO) is one of the best technology stocks to watch. The company designs and develops NAND flash controllers for solid-state storage devices. Their product range includes controllers for computing-grade SSDs, enterprise-grade SSDs, mobile embedded storage for smartphones and IoT devices, flash memory cards, flash drives for expandable storage, and specialized SSDs for industrial, commercial, and automotive applications. 

On July 28, Silicon Motion Technology Corporation (NASDAQ:SIMO) reporteds Q2 non-GAAP EPADS of $0.38, missing estimates by $0.10. On the other hand, the revenue of $140.4 million outperformed Wall Street forecasts by $11.77 million. The company anticipates a 15% to 20% sequential growth in sales for the third quarter of 2023, compared to an estimated year-over-year decline of 41.47%.

According to Insider Monkey’s first quarter database, 34 hedge funds were bullish on Silicon Motion Technology Corporation (NASDAQ:SIMO), compared to 35 funds in the prior quarter. Michel Massoud’s Melqart Asset Management is a prominent stakeholder of the company, with 979,212 shares worth $64.15 million. 

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