SiTime (NASDAQ:SITM) Shares Gap Down Following Insider Selling

SiTime Co. (NASDAQ:SITM) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $215.60, but opened at $209.25. SiTime shares last traded at $215.36, with a volume of 9,010 shares.

Specifically, insider Piyush B. Sevalia sold 1,039 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total transaction of $228,580.00. Following the sale, the insider now owns 85,516 shares of the company’s stock, valued at approximately $18,813,520. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rajesh Vashist sold 10,000 shares of SiTime stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $215.00, for a total value of $2,150,000.00. Following the transaction, the chief executive officer now directly owns 474,763 shares of the company’s stock, valued at $102,074,045. The trade was a 2.06% decrease in their position. The disclosure for this sale can be found here. In other news, insider Fariborz Assaderaghi sold 1,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $201.36, for a total value of $201,360.00. Following the sale, the insider now directly owns 101,319 shares of the company’s stock, valued at approximately $20,401,593.84. This represents a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SITM. Stifel Nicolaus boosted their price objective on shares of SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Barclays boosted their price target on shares of SiTime from $135.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $224.00.

SiTime Price Performance

The company has a fifty day moving average price of $175.79 and a 200 day moving average price of $190.91. The company has a market cap of $4.99 billion, a PE ratio of -51.92 and a beta of 2.24.

SiTime (NASDAQ:SITM) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.15. The business had revenue of $60.31 million during the quarter, compared to analysts’ expectations of $54.01 million. SiTime had a negative net margin of 46.18% and a negative return on equity of 10.12%. The business’s quarterly revenue was up 82.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) EPS. As a group, sell-side analysts predict that SiTime Co. will post -2.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fourth Dimension Wealth LLC purchased a new stake in SiTime during the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of SiTime during the 1st quarter valued at about $32,000. Blue Trust Inc. raised its holdings in shares of SiTime by 44.7% during the 4th quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after buying an additional 67 shares in the last quarter. Advisors Asset Management Inc. lifted its position in 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 buying an additional 88 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new stake in SiTime in the fourth quarter worth approximately $58,000. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.