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NEW YORK ( TheStreet) -- Silicon Motion Technology Corporation (Nasdaq: SIMO) hit a new 52-week high Thursday as it is currently trading at $21.74, above its previous 52-week high of $21.60 with 250,211 shares traded as of 11:25 a.m. ET. Average volume has been 735,400 shares over the past 30 days. Silicon Motion Technology has a market cap of $643.3 million and is part of the technology sector and electronics industry. Shares are up 1.6% year to date as of the close of trading on Wednesday. Silicon Motion Technology Corporation, a fabless semiconductor company, designs, develops, and supplies a portfolio of multimedia data processing, storage, and transfer solutions primarily for consumer electronics applications. The company has a P/E ratio of 46.2, above the average electronics industry P/E ratio of 30.3 and above the S&P 500 P/E ratio of 17.7.