SiTime (NASDAQ:SITM) Shares Down 17.9% – Here’s What Happened

SiTime Co. (NASDAQ:SITM)’s share price dropped 17.9% on Monday . The stock traded as low as $213.20 and last traded at $203.21. Approximately 90,759 shares changed hands during trading, a decline of 41% from the average daily volume of 153,489 shares. The stock had previously closed at $247.61.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Barclays increased their price objective on shares of SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Needham & Company LLC increased their price target on SiTime from $140.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Stifel Nicolaus boosted their price objective on SiTime from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, Roth Mkm raised their target price on SiTime from $205.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

SiTime Stock Up 5.9 %

The business’s fifty day moving average is $229.11 and its 200 day moving average is $184.13.

SiTime (NASDAQ:SITM) last issued its earnings results on Wednesday, November 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.14. SiTime had a negative return on equity of 9.89% and a negative net margin of 53.55%. The firm had revenue of $57.70 million for the quarter, compared to analyst estimates of $55.10 million. During the same period in the previous year, the company posted ($0.81) earnings per share. The business’s revenue was up 62.4% on a year-over-year basis. On average, analysts expect that SiTime Co. will post -2.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SiTime news, insider Fariborz Assaderaghi sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $210.16, for a total value of $210,160.00. Following the completion of the transaction, the insider now owns 108,574 shares in the company, valued at $22,817,911.84. This trade represents a 0.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Samsheer Ahamad sold 4,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $172.73, for a total transaction of $690,920.00. Following the completion of the sale, the insider now directly owns 78,979 shares in the company, valued at approximately $13,642,042.67. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,931 shares of company stock worth $7,017,644 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SiTime

Hedge funds have recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its holdings in SiTime by 0.5% in the 4th quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company’s stock valued at $2,307,000 after purchasing an additional 57 shares during the period. Baader Bank Aktiengesellschaft bought a new position in shares of SiTime in the fourth quarter worth $538,000. KBC Group NV boosted its stake in SiTime by 3.0% during the fourth quarter. KBC Group NV now owns 6,402 shares of the company’s stock valued at $1,373,000 after buying an additional 184 shares during the period. Blue Trust Inc. grew its position in SiTime by 118.0% during the fourth quarter. Blue Trust Inc. now owns 327 shares of the company’s stock worth $70,000 after buying an additional 177 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in SiTime by 601.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,318 shares of the company’s stock worth $283,000 after acquiring an additional 1,130 shares during the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

SiTime Company Profile

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.