SiTime (NASDAQ:SITM) Shares Gap Down to $234.49

Shares of SiTime Co. (NASDAQ:SITM) gapped down prior to trading on Monday . The stock had previously closed at $234.49, but opened at $228.09. SiTime shares last traded at $228.07, with a volume of 99 shares trading hands.

A number of brokerages have weighed in on SITM. Roth Capital raised their price objective on SiTime from $200.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 1st. Zacks Investment Research raised SiTime from a “hold” rating to a “strong-buy” rating and set a $236.00 target price for the company in a research note on Thursday, August 12th. Barclays raised their target price on SiTime from $175.00 to $245.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 14th. Credit Suisse Group assumed coverage on SiTime in a research note on Monday, August 30th. They issued an “outperform” rating and a $225.00 target price for the company. Finally, TheStreet raised SiTime from a “d+” rating to a “c-” rating in a research note on Thursday, August 5th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $221.00.

The business has a 50-day moving average of $190.36 and a 200-day moving average of $134.53. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of -5,862.25, a P/E/G ratio of 17.41 and a beta of 0.62.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, August 4th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.23. The company had revenue of $44.50 million during the quarter, compared to the consensus estimate of $40.04 million. SiTime had a negative return on equity of 0.11% and a negative net margin of 0.14%. SiTime’s quarterly revenue was up 107.0% on a year-over-year basis. As a group, analysts expect that SiTime Co. will post 0.87 EPS for the current year.

In other news, insider Vincent P. Pangrazio sold 150 shares of SiTime stock in a transaction dated Thursday, September 16th. The stock was sold at an average price of $220.15, for a total value of $33,022.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rajesh Vashist sold 3,000 shares of SiTime stock in a transaction dated Wednesday, July 21st. The shares were sold at an average price of $131.25, for a total value of $393,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 74,650 shares of company stock valued at $14,935,698. 0.80% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the stock. Thrivent Financial for Lutherans lifted its stake in SiTime by 49.7% during the second quarter. Thrivent Financial for Lutherans now owns 84,234 shares of the company’s stock worth $10,664,000 after purchasing an additional 27,973 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in SiTime by 44.9% during the second quarter. Parametric Portfolio Associates LLC now owns 12,402 shares of the company’s stock worth $1,570,000 after purchasing an additional 3,842 shares during the last quarter. Morgan Stanley lifted its stake in SiTime by 569.6% during the second quarter. Morgan Stanley now owns 46,937 shares of the company’s stock worth $5,942,000 after purchasing an additional 39,927 shares during the last quarter. Wells Fargo & Company MN increased its position in SiTime by 4.1% during the second quarter. Wells Fargo & Company MN now owns 12,760 shares of the company’s stock worth $1,615,000 after buying an additional 500 shares during the period. Finally, Lisanti Capital Growth LLC increased its position in SiTime by 16.0% during the second quarter. Lisanti Capital Growth LLC now owns 120,945 shares of the company’s stock worth $15,310,000 after buying an additional 16,689 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

About SiTime (NASDAQ:SITM)

SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.

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