SiTime (NASDAQ:SITM) Shares Gap Down – Here’s What Happened

SiTime Corporation (NASDAQ:SITM) shares 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

A number of equities analysts have recently issued reports on SITM shares. Zacks Research downgraded SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. UBS Group boosted their price target on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a report on Sunday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a report on Tuesday, April 21st. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Price Performance

The firm has a market cap of $15.16 billion, a PE ratio of -570.16 and a beta of 2.91. The business’s fifty day moving average is $704.29 and its 200-day moving average is $504.71.

SiTime (NASDAQ:SITM) last released its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. The firm had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.26 EPS. Analysts forecast that SiTime Corporation will post 3.23 EPS for the current year.

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total transaction of $702,900.00. Following the transaction, the insider owned 78,936 shares of the company’s stock, valued at $55,484,114.40. This represents a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Torsten Kreindl sold 710 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the transaction, the director owned 13,141 shares of the company’s stock, valued at $9,461,520. The trade was a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 72,128 shares of company stock valued at $51,401,463. 1.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SITM. Rakuten Securities Inc. increased 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 purchasing an additional 49 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of 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 buying an additional 16 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in SiTime in the 4th quarter worth approximately $33,000. Larson Financial Group LLC boosted its holdings in SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock worth $30,000 after buying an additional 96 shares during the period. Finally, Danske Bank A S purchased a new position in SiTime in the 4th quarter valued at approximately $35,000. 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.