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

SiTime Corporation (NASDAQ:SITM)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $612.38, but opened at $583.51. SiTime shares last traded at $590.8020, with a volume of 15,320 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Roth Capital restated a “buy” rating and set a $900.00 price target on shares of SiTime 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 target price for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. UBS Group raised their price target on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research cut shares of SiTime from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Finally, Needham & Company LLC upped their price objective on SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Price Performance

The stock has a market capitalization of $14.65 billion, a PE ratio of -549.48 and a beta of 2.91. The firm’s 50 day simple moving average is $694.08 and its 200 day simple moving average is $506.38.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $103.51 million. During the same period in the prior year, the business posted $0.26 EPS. The firm’s revenue was up 88.3% compared to the same quarter last year. Analysts expect that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In other SiTime news, Director Raman Chitkara sold 2,000 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $727.38, for a total value of $1,454,760.00. Following the sale, the director directly owned 19,898 shares of the company’s stock, valued at approximately $14,473,407.24. The trade was a 9.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total value of $702,900.00. Following the transaction, the insider directly owned 78,936 shares in the company, valued at $55,484,114.40. The trade was a 1.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 69,709 shares of company stock worth $50,230,546. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SITM. Rakuten Securities Inc. boosted its stake in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares during the period. Parallel Advisors LLC raised its stake in SiTime by 26.2% during the 1st 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 period. Larson Financial Group LLC raised its stake in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in SiTime during the 4th quarter valued at approximately $33,000. Finally, Danske Bank A S purchased a new position in SiTime in the 4th quarter worth approximately $35,000. Hedge funds and other 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.