SiTime (NASDAQ:SITM) Shares Gap Down – Here’s What Happened

SiTime Corporation (NASDAQ:SITM)’s stock price gapped down before the market opened 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 changing hands.

Analyst Ratings Changes

A number of analysts have weighed in on SITM shares. Needham & Company LLC increased their target price on SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $800.00 target price on shares of SiTime in a research note on Thursday, May 7th. Stifel Nicolaus increased their target price on SiTime from $450.00 to $500.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Barclays upgraded SiTime from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, UBS Group increased their target price on SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $661.88.

SiTime Trading Up 0.5%

The business has a 50-day moving average price of $495.39 and a 200-day moving average price of $403.29. The firm has a market cap of $18.40 billion, a P/E ratio of -690.10 and a beta of 2.91.

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

Insider Transactions at SiTime

In other news, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the transaction, the insider owned 89,194 shares of the company’s stock, valued at approximately $36,252,901.30. This represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Raman Chitkara sold 501 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the transaction, the director directly owned 21,508 shares in the company, valued at $9,141,545.24. The trade was a 2.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,900 shares of company stock worth $5,699,244 over the last quarter. 1.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiTime

A number of institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its position in SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 16 shares in the last quarter. Los Angeles Capital Management LLC boosted its position in SiTime by 0.3% during the fourth quarter. Los Angeles Capital Management LLC now owns 9,023 shares of the company’s stock valued at $3,187,000 after purchasing an additional 25 shares in the last quarter. Optiver Holding B.V. boosted its position in SiTime by 56.1% during the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after purchasing an additional 32 shares in the last quarter. Atlas Brown Inc. boosted its position in SiTime by 1.6% during the fourth quarter. Atlas Brown Inc. now owns 2,292 shares of the company’s stock valued at $810,000 after purchasing an additional 37 shares in the last quarter. Finally, CWM LLC boosted its position in SiTime by 4.2% during the fourth quarter. CWM LLC now owns 951 shares of the company’s stock valued at $336,000 after purchasing an additional 38 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.