SiTime (NASDAQ:SITM) Shares Up 6.8% – Time to Buy?

Shares of SiTime Corporation (NASDAQ:SITM) traded up 6.8% during mid-day trading on Tuesday . The stock traded as high as $300.62 and last traded at $306.6230. 55,857 shares traded hands during trading, a decline of 83% from the average session volume of 335,803 shares. The stock had previously closed at $287.11.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Roth Capital restated a “buy” rating and set a $350.00 target price on shares of SiTime in a report on Thursday, November 6th. Loop Capital started coverage on SiTime in a research report on Friday, November 21st. They issued a “buy” rating and a $350.00 price target for the company. UBS Group upped their price objective on SiTime from $355.00 to $375.00 and gave the stock a “buy” rating in a research note on Thursday, November 6th. Barclays increased their price objective on shares of SiTime from $220.00 to $260.00 and gave the company an “underweight” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $332.14.

SiTime Stock Up 5.4%

The stock has a market capitalization of $7.90 billion, a PE ratio of -102.49 and a beta of 2.55. The stock has a fifty day moving average of $289.90 and a 200-day moving average of $244.54.

SiTime (NASDAQ:SITM) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative return on equity of 5.69% and a negative net margin of 25.18%.The company had revenue of $83.57 million for the quarter, compared to analyst estimates of $78.08 million. During the same quarter last year, the company earned $0.40 EPS. SiTime’s revenue for the quarter was up 44.8% compared to the same quarter last year. Equities research analysts expect that SiTime Corporation will post -2.44 EPS for the current year.

Insider Buying and Selling at SiTime

In other news, insider Samsheer Ahamad sold 6,000 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $250.00, for a total transaction of $1,500,000.00. Following the transaction, the insider directly owned 61,888 shares in the company, valued at $15,472,000. The trade was a 8.84% 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 SiTime stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $231.75, for a total value of $695,250.00. Following the completion of the sale, the insider directly owned 90,433 shares in the company, valued at $20,957,847.75. This represents a 3.21% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 37,867 shares of company stock valued at $10,806,893. 2.30% of the stock is owned by company insiders.

Institutional Trading of SiTime

Institutional investors have recently bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new position in shares of SiTime in the third quarter valued at $685,000. Sunbelt Securities Inc. acquired a new position in SiTime during the third quarter worth about $71,000. Advisory Services Network LLC purchased a new stake in SiTime in the 3rd quarter valued at about $85,000. Oberweis Asset Management Inc. grew its holdings in SiTime by 44.8% in the 3rd quarter. Oberweis Asset Management Inc. now owns 106,396 shares of the company’s stock valued at $32,058,000 after buying an additional 32,900 shares during the period. Finally, Castleark Management LLC lifted its holdings in shares of SiTime by 3.9% during the 3rd quarter. Castleark Management LLC now owns 32,584 shares of the company’s stock worth $9,818,000 after acquiring an additional 1,226 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

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.