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

SiTime Corporation (NASDAQ:SITM) gapped down prior to trading on Monday . The stock had previously closed at $342.20, but opened at $330.00. SiTime shares last traded at $337.4570, with a volume of 8,426 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have commented on SITM. Stifel Nicolaus set a $360.00 price objective on SiTime in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Barclays upped their price target on SiTime from $220.00 to $260.00 and gave the stock an “underweight” rating in a report on Thursday, November 6th. Roth Capital reiterated a “buy” rating and set a $350.00 price objective on shares of SiTime in a research note on Thursday, November 6th. Finally, Raymond James Financial restated an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. Seven research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, SiTime presently has an average rating of “Moderate Buy” and an average price target of $343.13.

SiTime Stock Down 0.4%

The stock has a market capitalization of $9.11 billion, a P/E ratio of -117.97 and a beta of 2.49. The company has a 50 day moving average of $333.56 and a 200-day moving average of $277.37.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The company had revenue of $83.57 million for the quarter, compared to analysts’ expectations of $78.08 million. During the same period in the prior year, the company earned $0.40 earnings per share. The firm’s revenue was up 44.8% compared to the same quarter last year. Equities analysts forecast that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling at SiTime

In other SiTime news, insider Fariborz Assaderaghi sold 1,500 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $291.58, for a total value of $437,370.00. Following the completion of the transaction, the insider owned 84,815 shares in the company, valued at approximately $24,730,357.70. This represents a 1.74% decrease in their position. The transaction 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 SiTime stock in a transaction on Monday, December 1st. The shares were sold at an average price of $291.10, for a total value of $1,164,400.00. Following the sale, the insider directly owned 51,711 shares in the company, valued at $15,053,072.10. The trade was a 7.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 21,500 shares of company stock worth $6,791,710 over the last ninety days. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Royal Bank of Canada grew its position in SiTime by 12.5% in the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after buying an additional 491 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of SiTime by 33.6% in the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock worth $54,000 after acquiring an additional 88 shares during the period. AQR Capital Management LLC boosted its holdings in shares of SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company’s stock valued at $1,557,000 after acquiring an additional 8,136 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of SiTime by 21.6% during the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after acquiring an additional 1,477 shares during the period. Finally, Strs Ohio acquired a new position in shares of SiTime during the first quarter valued at approximately $734,000. 84.31% of the stock is owned by institutional investors and hedge funds.

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.