SiTime (NASDAQ:SITM) Trading Down 9.4% – Here’s What Happened

SiTime Corporation (NASDAQ:SITM)’s stock price dropped 9.4% on Thursday . The stock traded as low as $645.41 and last traded at $637.4080. Approximately 136,824 shares were traded during trading, a decline of 72% from the average session volume of 480,219 shares. The stock had previously closed at $703.84.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SITM shares. Stifel Nicolaus raised their target price on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. UBS Group boosted their price target on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. The Goldman Sachs Group restated a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Finally, Needham & Company LLC lifted their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $661.88.

SiTime Price Performance

The stock has a market cap of $15.87 billion, a price-to-earnings ratio of -599.43 and a beta of 2.91. The firm has a 50 day simple moving average of $692.46 and a two-hundred day simple moving average of $487.43.

SiTime (NASDAQ:SITM) last posted its earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million during the quarter, compared to analyst estimates of $103.51 million. SiTime had a positive return on equity of 0.53% and a negative net margin of 6.38%.The company’s revenue for the quarter was up 88.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 EPS. On average, sell-side analysts expect that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In related news, Director Raman Chitkara sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $727.38, for a total transaction of $1,454,760.00. Following the completion of the transaction, the director owned 19,898 shares in the company, valued at approximately $14,473,407.24. The trade was a 9.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Fariborz Assaderaghi sold 1,709 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the completion of the sale, the insider directly owned 81,436 shares of the company’s stock, valued at $59,569,619.64. The trade was a 2.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 73,375 shares of company stock worth $51,931,438 over the last ninety days. 1.40% of the stock is owned by corporate insiders.

Institutional Trading of SiTime

Large investors have recently made changes to their positions in the company. Norges Bank bought a new position in SiTime during the fourth quarter worth about $83,977,000. Whale Rock Capital Management LLC increased its holdings in shares of SiTime by 45.4% in the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock worth $246,717,000 after acquiring an additional 218,038 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of SiTime by 61.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 562,892 shares of the company’s stock worth $198,808,000 after purchasing an additional 213,242 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of SiTime during the fourth quarter worth about $59,452,000. Finally, Wellington Management Group LLP lifted its holdings in shares of SiTime by 36.8% during the 3rd quarter. Wellington Management Group LLP now owns 537,741 shares of the company’s stock valued at $162,027,000 after purchasing an additional 144,671 shares in the last quarter. 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.