SiTime (NASDAQ:SITM) Stock Price Down 10.8% – What’s Next?

SiTime Corporation (NASDAQ:SITM)’s share price was down 10.8% during mid-day trading on Tuesday . The stock traded as low as $804.93 and last traded at $803.7160. Approximately 295,310 shares changed hands during trading, a decline of 28% from the average daily volume of 412,949 shares. The stock had previously closed at $901.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SITM shares. UBS Group lifted their price objective on shares of SiTime from $675.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Needham & Company LLC lifted their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Wall Street Zen raised shares of SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Eight analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, SiTime currently has an average rating of “Moderate Buy” and an average target price of $661.88.

SiTime Stock Down 1.8%

The stock has a market capitalization of $21.65 billion, a PE ratio of 10,441.37 and a beta of 2.91. The business’s 50-day moving average is $466.05 and its two-hundred day moving average is $390.70.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.30. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The firm had revenue of $113.57 million during the quarter, compared to analysts’ expectations of $103.51 million. During the same period in the previous year, the company earned $0.26 earnings per share. SiTime’s quarterly revenue was up 88.3% compared to the same quarter last year. As a group, analysts anticipate that SiTime Corporation will post 1.31 EPS for the current year.

Insider Activity at SiTime

In other news, Director Raman Chitkara sold 501 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $425.03, for a total value of $212,940.03. Following the completion of the sale, the director directly owned 21,508 shares of the company’s stock, valued at approximately $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Piyush B. Sevalia sold 2,419 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the sale, the insider directly owned 84,250 shares of the company’s stock, valued at $40,781,212.50. The trade was a 2.79% 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 a total of 10,966 shares of company stock valued at $4,641,757 over the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On SiTime

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of SiTime by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after buying an additional 61,336 shares during the last quarter. Invesco Ltd. increased its stake in shares of SiTime by 1.8% during the third quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after acquiring an additional 18,165 shares during the period. State Street Corp increased its stake in shares of SiTime by 3.7% during the second quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after acquiring an additional 32,178 shares during the period. Ameriprise Financial Inc. increased its stake in shares of SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock worth $156,887,000 after acquiring an additional 132,948 shares during the period. Finally, Whale Rock Capital Management LLC increased its stake in shares of SiTime by 45.4% during 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 during the period. 84.31% of the stock is owned by hedge funds and other institutional investors.

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.