Silicon Motion Technology (NASDAQ:SIMO) stock is rallying ahead of the release of its earnings report for the second quarter of 2023.
The supplier of NAND flash controllers for solid-state storage devices is set to release its earnings report for Q2 after markets close on Thursday. However, it won’t be holding a conference call to go with that report.
Silicon Motion Technology is skipping a conference call due to its plans to combine with Maxlinear (NASDAQ:MXL). The company is being acquired with a mix of cash and stock in a deal that values SIMO shares at $114.34 each. The deal was originally set to close in the first half of 2023.
What to Expect From Q2 Earnings
Investors will want to keep in mind Wall Street’s expectations for Silicon Motion Technology when it releases its earnings tomorrow. That includes an earnings per share estimate of 46 cents alongside a revenue estimate of $133.23 million.
It’s also worth mentioning that shares of SIMO stock are experiencing heavy trading on Wednesday. That has more than 1.5 million shares of the stock on the move as of this writing. For the record, the company’s daily average trading volume is well below that at about 689,000 shares.
SIMO stock is up 77.8% as of Wednesday morning.
Investors seeking out even more of the most recent stock market news are going to want to stick around!
We’ve got more of the latest stock market news worth reading about on Wednesday! That includes the biggest pre-market stock movers this morning, what’s going on with shares of Upstart (NASDAQ:UPST) stock, and more. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
