SiTime (NASDAQ:SITM) Trading Down 11.1% – Time to Sell?

Shares of SiTime Corporation (NASDAQ:SITM) fell 11.1% during trading on Friday . The stock traded as low as $299.73 and last traded at $301.9810. 178,463 shares traded hands during trading, a decline of 47% from the average session volume of 335,682 shares. The stock had previously closed at $339.81.

Analyst Ratings Changes

A number of research analysts have weighed in on SITM shares. Stifel Nicolaus set a $360.00 price objective on shares of SiTime in a research report on Thursday. Needham & Company LLC increased their price target on SiTime from $250.00 to $360.00 and gave the stock a “buy” rating in a research report on Thursday. Raymond James Financial restated an “outperform” rating and issued a $270.00 price objective (up from $250.00) on shares of SiTime in a research report on Friday, August 29th. Barclays increased their target price on SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research report on Thursday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, SiTime currently has a consensus rating of “Hold” and an average target price of $329.17.

SiTime Trading Down 5.8%

The firm’s fifty day moving average price is $280.90 and its 200 day moving average price is $229.15. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of -107.33 and a beta of 2.36.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.71 by $0.16. The business had revenue of $83.57 million during the quarter, compared to the consensus estimate of $78.08 million. SiTime had a negative net margin of 25.18% and a negative return on equity of 6.16%. The company’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.40 earnings per share. On average, analysts forecast that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $294.00, for a total transaction of $588,000.00. Following the transaction, the chief executive officer directly owned 451,208 shares in the company, valued at $132,655,152. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fariborz Assaderaghi sold 3,000 shares of the company’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $231.75, for a total transaction of $695,250.00. Following the transaction, the insider directly owned 90,433 shares in the company, valued at approximately $20,957,847.75. This trade represents a 3.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 34,867 shares of company stock worth $9,168,213. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SiTime

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of SiTime by 4.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,764,066 shares of the company’s stock worth $832,841,000 after acquiring an additional 123,287 shares during the period. Invesco Ltd. raised its stake in SiTime by 4.8% during the second quarter. Invesco Ltd. now owns 1,019,140 shares of the company’s stock worth $217,158,000 after purchasing an additional 46,721 shares during the period. State Street Corp boosted its holdings in shares of SiTime by 3.7% in the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock valued at $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of SiTime by 22.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after buying an additional 132,948 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of SiTime by 11.2% during the 2nd quarter. Geode Capital Management LLC now owns 506,400 shares of the company’s stock worth $107,918,000 after buying an additional 51,063 shares during the last quarter. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Company Profile

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.