SiTime (NASDAQ:SITM) Shares Gap Down – Time to Sell?

SiTime Corporation (NASDAQ:SITM) gapped down prior to trading on Tuesday . The stock had previously closed at $725.59, but opened at $677.25. SiTime shares last traded at $666.8930, with a volume of 96,202 shares trading hands.

Analyst Ratings Changes

Several brokerages recently commented on SITM. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 target price on shares of SiTime in a research report on Thursday, May 7th. Stifel Nicolaus raised their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Needham & Company LLC raised their target price on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. UBS Group raised their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has 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 $661.88.

SiTime Price Performance

The stock has a market cap of $18.29 billion, a P/E ratio of -683.20 and a beta of 2.91. The business’s 50 day simple moving average is $481.25 and its 200 day simple moving average is $397.40.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The business’s revenue was up 88.3% on a year-over-year basis. During the same period last year, the business earned $0.26 earnings per share. Research analysts predict that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Buying and Selling

In other SiTime news, Director Akira Takata sold 1,500 shares of SiTime stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the completion of the transaction, the director directly owned 12,234 shares of the company’s stock, valued at approximately $10,531,761.24. This trade represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Fariborz Assaderaghi sold 4,984 shares of SiTime stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the completion of the transaction, the insider owned 89,194 shares of the company’s stock, valued at $36,252,901.30. This trade represents a 5.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,900 shares of company stock valued at $5,699,244 in the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its holdings in shares of SiTime by 53.7% in the first quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock valued at $52,155,000 after buying an additional 52,754 shares during the last quarter. Edgestream Partners L.P. acquired a new position in SiTime during the 1st quarter worth about $758,000. Janus Henderson Group PLC lifted its position in SiTime by 13.2% during the 1st quarter. Janus Henderson Group PLC now owns 14,448 shares of the company’s stock worth $4,994,000 after buying an additional 1,688 shares in the last quarter. California State Teachers Retirement System lifted its position in SiTime by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 25,655 shares of the company’s stock worth $8,860,000 after buying an additional 4,670 shares in the last quarter. Finally, Regal Partners Ltd acquired a new position in SiTime during the 1st quarter worth about $288,000. 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.