SiTime (NASDAQ:SITM) Shares Down 17.9% – Here’s What Happened

Shares of SiTime Co. (NASDAQ:SITM) dropped 17.9% during trading on Monday . The company traded as low as $213.20 and last traded at $203.21. Approximately 90,759 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 153,489 shares. The stock had previously closed at $247.61.

Analysts Set New Price Targets

Several analysts have recently weighed in on SITM shares. Barclays raised their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research report on Friday, January 17th. Needham & Company LLC lifted their price target on SiTime from $140.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Stifel Nicolaus upped their price objective on SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Roth Mkm boosted their target price on SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

SiTime Stock Performance

The business has a 50 day moving average price of $229.11 and a two-hundred day moving average price of $184.13.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.14. The business had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company’s revenue was up 62.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.81) EPS. As a group, sell-side analysts forecast that SiTime Co. will post -2.98 EPS for the current year.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 1,002 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $220.94, for a total value of $221,381.88. Following the sale, the insider now directly owns 100,681 shares of the company’s stock, valued at $22,244,460.14. This represents a 0.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Samsheer Ahamad sold 4,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $172.73, for a total value of $690,920.00. Following the transaction, the insider now directly owns 78,979 shares of the company’s stock, valued at $13,642,042.67. This represents a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 29,931 shares of company stock worth $7,017,644 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SITM. LMR Partners LLP grew its holdings in SiTime by 705.0% in the third quarter. LMR Partners LLP now owns 80,500 shares of the company’s stock worth $13,807,000 after purchasing an additional 70,500 shares during the period. Principal Financial Group Inc. grew its stake in shares of SiTime by 15.4% in the 3rd quarter. Principal Financial Group Inc. now owns 448,930 shares of the company’s stock worth $76,996,000 after buying an additional 59,931 shares during the last quarter. Marshall Wace LLP increased its position in SiTime by 381.4% during the 2nd quarter. Marshall Wace LLP now owns 60,650 shares of the company’s stock valued at $7,544,000 after buying an additional 48,051 shares in the last quarter. FMR LLC raised its stake in SiTime by 1.1% during the third quarter. FMR LLC now owns 3,469,843 shares of the company’s stock valued at $595,113,000 after buying an additional 39,119 shares during the last quarter. Finally, State Street Corp raised its stake in SiTime by 3.1% during the third quarter. State Street Corp now owns 922,974 shares of the company’s stock valued at $158,299,000 after buying an additional 27,692 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.