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

Shares of SiTime Corporation (NASDAQ:SITM) gapped down before the market opened 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 traded.

Analyst Upgrades and Downgrades

SITM has been the topic of a number of research analyst reports. Roth Capital reissued a “buy” rating and set a $350.00 price objective on shares of SiTime in a report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research report on Wednesday, October 8th. Stifel Nicolaus set a $360.00 price target on shares of SiTime in a research report on Thursday, November 6th. Needham & Company LLC raised their price objective on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, The Goldman Sachs Group started coverage on SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 target price for the company. Seven research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $343.13.

SiTime Stock Performance

The business has a 50-day simple moving average of $329.61 and a two-hundred day simple moving average of $274.94. The company has a market capitalization of $8.99 billion, a price-to-earnings ratio of -116.40 and a beta of 2.49.

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

Insider Activity at SiTime

In other SiTime news, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $291.10, for a total value of $1,164,400.00. Following the sale, the insider owned 51,711 shares of the company’s stock, valued at approximately $15,053,072.10. The trade was a 7.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajesh Vashist sold 2,000 shares of the company’s stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $369.20, for a total value of $738,400.00. Following the transaction, the chief executive officer directly owned 431,609 shares in the company, valued at $159,350,042.80. This represents a 0.46% 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 90 days. Company insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On SiTime

Several institutional investors and hedge funds have recently made changes to their positions in SITM. Optiver Holding B.V. grew its position in shares of SiTime by 56.1% in the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares during the last quarter. Atlas Brown Inc. grew its holdings in SiTime by 1.6% during the 4th quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock valued at $810,000 after buying an additional 37 shares during the last quarter. Verdence Capital Advisors LLC increased its position in SiTime by 3.7% during the third quarter. Verdence Capital Advisors LLC now owns 1,118 shares of the company’s stock worth $309,000 after buying an additional 40 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of SiTime by 27.4% in the third quarter. Bessemer Group Inc. now owns 186 shares of the company’s stock worth $55,000 after acquiring an additional 40 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of SiTime by 10.9% in the third quarter. Smartleaf Asset Management LLC now owns 427 shares of the company’s stock valued at $125,000 after acquiring an additional 42 shares in the last quarter. 84.31% of the stock is currently 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.