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

SiTime Corporation (NASDAQ:SITM)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $612.13, but opened at $655.51. SiTime shares last traded at $668.4860, with a volume of 58,864 shares changing hands.

Analyst Upgrades and Downgrades

SITM has been the subject of a number of analyst reports. Zacks Research downgraded SiTime from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Roth Capital reiterated a “buy” rating and set a $900.00 price objective on shares of SiTime in a research report on Thursday, May 7th. UBS Group lifted 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. Stifel Nicolaus upped their price target on shares of SiTime from $450.00 to $500.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $661.88.

SiTime Stock Performance

The firm has a market capitalization of $16.60 billion, a PE ratio of -622.71 and a beta of 2.91. The company has a fifty day simple moving average of $703.16 and a two-hundred day simple moving average of $498.91.

SiTime (NASDAQ:SITM) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, beating the consensus estimate 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 for the quarter was up 88.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, equities analysts anticipate that SiTime Corporation will post 3.23 earnings per share for the current fiscal year.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,709 shares of the 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 transaction, the insider directly owned 81,436 shares in the company, valued at approximately $59,569,619.64. This trade represents a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Piyush B. Sevalia sold 2,419 shares of SiTime stock in a transaction that occurred on 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 transaction, the insider directly owned 84,250 shares in the company, valued at approximately $40,781,212.50. The trade was a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 72,128 shares of company stock worth $51,401,463. 1.40% of the stock is currently owned by company insiders.

Institutional Trading of SiTime

A number of hedge funds have recently bought and sold shares of SITM. Vanguard Group Inc. increased its holdings in shares of SiTime by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,825,402 shares of the company’s stock valued at $997,904,000 after acquiring an additional 61,336 shares during the period. Invesco Ltd. lifted its stake in shares of SiTime by 1.8% during the 3rd quarter. Invesco Ltd. now owns 1,037,305 shares of the company’s stock worth $312,550,000 after purchasing an additional 18,165 shares during the last quarter. State Street Corp lifted its stake in shares of SiTime by 3.7% during the 2nd quarter. State Street Corp now owns 911,280 shares of the company’s stock worth $194,176,000 after purchasing an additional 32,178 shares during the last quarter. Ameriprise Financial Inc. boosted its position in SiTime by 22.0% during the second quarter. Ameriprise Financial Inc. now owns 736,281 shares of the company’s stock valued at $156,887,000 after purchasing an additional 132,948 shares in the last quarter. Finally, Whale Rock Capital Management LLC boosted its position in SiTime by 45.4% during the fourth quarter. Whale Rock Capital Management LLC now owns 698,539 shares of the company’s stock valued at $246,717,000 after purchasing an additional 218,038 shares in the last quarter. Hedge funds and other 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.