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

SiTime Corporation (NASDAQ:SITM)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $241.60, but opened at $230.00. SiTime shares last traded at $206.23, with a volume of 98,045 shares.

Analyst Ratings Changes

SITM has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price objective on SiTime from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Barclays upped their price target on SiTime from $135.00 to $180.00 and gave the company an “underweight” rating in a report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $224.00.

SiTime Stock Up 2.6%

The stock has a market capitalization of $4.96 billion, a PE ratio of -55.00 and a beta of 2.24. The business’s 50-day moving average is $191.77 and its two-hundred day moving average is $191.09.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.15. The business had revenue of $60.31 million during the quarter, compared to the consensus estimate of $54.01 million. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The business’s quarterly revenue was up 82.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) EPS. As a group, analysts anticipate that SiTime Corporation will post -2.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider Piyush B. Sevalia sold 1,039 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $220.00, for a total transaction of $228,580.00. Following the completion of the sale, the insider now owns 85,516 shares in the company, valued at $18,813,520. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fariborz Assaderaghi sold 1,267 shares of the firm’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $147.80, for a total transaction of $187,262.60. Following the transaction, the insider now directly owns 113,584 shares in the company, valued at $16,787,715.20. The trade was a 1.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,818 shares of company stock valued at $13,171,258 over the last quarter. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On SiTime

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in SiTime by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,468,348 shares of the company’s stock valued at $529,535,000 after acquiring an additional 52,310 shares during the last quarter. Invesco Ltd. grew its stake in shares of SiTime by 11.0% in the 4th quarter. Invesco Ltd. now owns 983,175 shares of the company’s stock valued at $210,921,000 after purchasing an additional 97,062 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of SiTime by 17.0% in the first quarter. Ameriprise Financial Inc. now owns 603,333 shares of the company’s stock valued at $92,233,000 after purchasing an additional 87,598 shares during the period. Alliancebernstein L.P. raised its stake in shares of SiTime by 2,016.8% during the first quarter. Alliancebernstein L.P. now owns 443,227 shares of the company’s stock worth $67,756,000 after purchasing an additional 422,288 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of SiTime by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 442,897 shares of the company’s stock valued at $95,037,000 after acquiring an additional 1,975 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.