SiTime (NASDAQ:SITM) Shares Down 7.7% – Here’s Why

SiTime Corporation (NASDAQ:SITM) shares fell 7.7% during trading on Monday . The stock traded as low as $524.14 and last traded at $511.8660. 27,854 shares traded hands during trading, a decline of 94% from the average daily volume of 476,374 shares. The stock had previously closed at $554.46.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SITM shares. Roth Capital restated a “buy” rating and issued a $900.00 price target on shares of SiTime in a research note on Thursday, May 7th. Barclays raised SiTime from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $400.00 to $850.00 in a report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Zacks Research cut SiTime from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Eight equities research 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. Based on data from MarketBeat.com, SiTime presently has a consensus rating of “Moderate Buy” and a consensus target price of $661.88.

SiTime Stock Down 6.3%

The business’s fifty day moving average price is $667.85 and its 200 day moving average price is $515.04. The firm has a market capitalization of $13.71 billion, a PE ratio of -514.33 and a beta of 2.91.

SiTime (NASDAQ:SITM) last released 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. The firm had revenue of $113.57 million for 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 business’s revenue was up 88.3% on a year-over-year basis. During the same quarter last year, the company posted $0.26 earnings per share. On average, analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Activity at SiTime

In other news, insider Fariborz Assaderaghi sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $702.90, for a total transaction of $702,900.00. Following the completion of the sale, the insider owned 78,936 shares in the company, valued at $55,484,114.40. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rajesh Vashist sold 5,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $750.00, for a total value of $3,750,000.00. Following the sale, the chief executive officer directly owned 9,781 shares of the company’s stock, valued at approximately $7,335,750. This represents a 33.83% decrease in their ownership of the stock. 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 sold 69,709 shares of company stock worth $50,230,546 in the last ninety days. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On SiTime

A number of large investors have recently bought and sold shares of SITM. Rakuten Securities Inc. lifted its stake in shares of SiTime by 188.5% in the 4th quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares during the period. Parallel Advisors LLC raised its holdings in SiTime by 26.2% during the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 16 shares in the last quarter. Larson Financial Group LLC lifted its position in SiTime by 3,200.0% in the third quarter. Larson Financial Group LLC now owns 99 shares of the company’s stock valued at $30,000 after purchasing an additional 96 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in SiTime in the fourth quarter valued at about $33,000. Finally, Danske Bank A S purchased a new stake in SiTime in the 4th quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.31% of the company’s stock.

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.