SiTime (NASDAQ:SITM) Stock Price Down 5.4% After Insider Selling

SiTime Corporation (NASDAQ:SITM) traded down 5.4% on Wednesday following insider selling activity. The company traded as low as $384.35 and last traded at $384.35. 232,357 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 331,241 shares. The stock had previously closed at $406.41.

Specifically, Director Raman Chitkara sold 501 shares of SiTime stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the sale, the director directly owned 21,508 shares of the company’s stock, valued at approximately $9,141,545.24. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

A number of analysts have issued reports on SITM shares. Roth Mkm reaffirmed a “buy” rating and issued a $450.00 price objective on shares of SiTime in a research note on Thursday, February 5th. The Goldman Sachs Group assumed coverage on shares of SiTime in a report on Monday, December 15th. They issued a “buy” rating and a $420.00 target price for the company. Barclays set a $400.00 price target on shares of SiTime in a research report on Thursday, February 5th. UBS Group increased their price objective on shares of SiTime from $430.00 to $485.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research note on Thursday, January 22nd. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $409.38.

SiTime Stock Down 4.6%

The company’s 50 day moving average price is $378.53 and its two-hundred day moving average price is $322.70. The firm has a market cap of $8.94 billion, a PE ratio of -186.69 and a beta of 2.53.

SiTime (NASDAQ:SITM) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.53 EPS for the quarter, beating the consensus estimate of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative net margin of 13.13% and a negative return on equity of 2.06%. The firm’s revenue was up 66.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 EPS. On average, analysts expect that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SiTime

A number of institutional investors and hedge funds have recently modified their holdings of SITM. Rakuten Securities Inc. grew its position in SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 49 shares during the last quarter. Hantz Financial Services Inc. grew its holdings in shares of SiTime by 190.3% in the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after purchasing an additional 59 shares during the last quarter. Optiver Holding B.V. grew its holdings in shares of SiTime by 56.1% in the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock worth $27,000 after purchasing an additional 32 shares during the last quarter. Larson Financial Group LLC increased its stake 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, Caitong International Asset Management Co. Ltd bought a new stake in SiTime during the 4th quarter valued at about $33,000. 84.31% of the stock is owned by institutional investors.

About SiTime

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.