SiTime (NASDAQ:SITM) Shares Down 9.4% – What’s Next?

SiTime Corporation (NASDAQ:SITM) dropped 9.4% during mid-day trading on Thursday . The company traded as low as $645.41 and last traded at $637.4080. Approximately 136,824 shares were traded during trading, a decline of 72% from the average session volume of 480,219 shares. The stock had previously closed at $703.84.

Analyst Upgrades and Downgrades

SITM has been the topic of a number of research reports. Wall Street Zen lowered shares of SiTime from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Needham & Company LLC increased 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. The Goldman Sachs Group restated a “buy” rating and set a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Finally, Zacks Research raised shares of SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $661.88.

SiTime Stock Performance

The firm has a market cap of $15.87 billion, a price-to-earnings ratio of -599.43 and a beta of 2.91. The stock has a 50-day moving average of $692.46 and a 200-day moving average of $487.43.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. During the same period last year, the business earned $0.26 EPS. The business’s quarterly revenue was up 88.3% on a year-over-year basis. Sell-side analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, CEO Rajesh Vashist sold 30,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total value of $21,033,900.00. Following the completion of the transaction, the chief executive officer owned 402,898 shares of the company’s stock, valued at approximately $282,483,874.74. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 1,709 shares of SiTime stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the sale, the insider owned 81,436 shares in the company, valued at $59,569,619.64. The trade was a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 73,375 shares of company stock valued at $51,931,438 in the last three months. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Hedge funds have recently modified their holdings of the stock. Rakuten Securities Inc. increased its position in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. Parallel Advisors LLC boosted its position in SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 16 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in SiTime in the fourth quarter valued at approximately $33,000. Larson Financial Group LLC grew its stake in SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares in the last quarter. Finally, Danske Bank A S acquired a new position in shares of SiTime during the 4th quarter worth approximately $35,000. Institutional investors own 84.31% of the company’s stock.

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.