SiTime (NASDAQ:SITM) Trading Down 7.7% – Time to Sell?

SiTime Corporation (NASDAQ:SITM) was down 7.7% on Monday . The company traded as low as $524.14 and last traded at $511.8660. 27,854 shares changed hands during trading, a decline of 94% from the average session volume of 476,374 shares. The stock had previously closed at $554.46.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SITM. UBS Group increased their price target on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Needham & Company LLC upped their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 target price on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus raised their target price on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SiTime in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Stock Performance

The firm has a market capitalization of $12.97 billion, a PE ratio of -486.24 and a beta of 2.91. The stock has a fifty day moving average price of $659.74 and a 200-day moving average price of $517.34.

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

Insider Buying and Selling at SiTime

In related news, Director Torsten Kreindl sold 710 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $720.00, for a total transaction of $511,200.00. Following the completion of the transaction, the director owned 13,141 shares in the company, valued at $9,461,520. The trade was a 5.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total transaction of $702,900.00. Following the sale, the insider directly owned 78,936 shares of the company’s stock, valued at $55,484,114.40. The trade was a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 69,709 shares of company stock valued at $50,230,546. 1.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of SiTime by 12.5% during the 1st quarter. Royal Bank of Canada now owns 4,411 shares of the company’s stock valued at $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. increased its position in SiTime by 33.6% during the 1st quarter. Advisors Asset Management Inc. now owns 350 shares of the company’s stock valued at $54,000 after buying an additional 88 shares in the last quarter. AQR Capital Management LLC raised its stake in 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 buying an additional 8,136 shares during the last quarter. Intech Investment Management LLC raised its stake in SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company’s stock valued at $1,272,000 after buying an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in SiTime in the second quarter worth about $240,000. 84.31% of the stock is owned by hedge funds and other 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.