SiTime (NASDAQ:SITM) Shares Gap Down – Time to Sell?

SiTime Corporation (NASDAQ:SITM) gapped down before the market opened on Tuesday . The stock had previously closed at $725.59, but opened at $677.25. SiTime shares last traded at $666.8930, with a volume of 96,202 shares traded.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SITM. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Barclays upgraded shares of SiTime from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $400.00 to $850.00 in a research report on Thursday, May 7th. Roth Mkm restated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. The Goldman Sachs Group restated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Finally, UBS Group boosted their price objective on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Stock Performance

The firm’s 50-day simple moving average is $481.25 and its 200 day simple moving average is $397.40. The company has a market cap of $18.29 billion, a P/E ratio of -683.20 and a beta of 2.91.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business’s revenue for the quarter was up 88.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS. As a group, research analysts forecast that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Buying and Selling at SiTime

In other news, Director Raman Chitkara sold 501 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the completion of the sale, the director directly owned 21,508 shares of the company’s stock, valued at $9,141,545.24. This represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Akira Takata sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the completion of the sale, the director directly owned 12,234 shares of the company’s stock, valued at approximately $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 11,900 shares of company stock worth $5,699,244. 1.40% of the stock is currently owned by insiders.

Institutional Trading of SiTime

A number of institutional investors and hedge funds have recently modified their holdings of SITM. Rakuten Securities Inc. increased its position in shares of SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 49 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of SiTime by 190.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after buying an additional 59 shares in the last quarter. Optiver Holding B.V. increased its position in shares of SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after buying an additional 32 shares in the last quarter. Parallel Advisors LLC increased its position in shares of SiTime by 26.2% in the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 16 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after buying an additional 96 shares in the last quarter. 84.31% of the stock is owned by institutional investors.

SiTime Company Profile

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime’s products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company’s timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.