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

SiTime Co. (NASDAQ:SITM)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $138.24, but opened at $131.82. SiTime shares last traded at $131.32, with a volume of 18,859 shares trading hands.

Analysts Set New Price Targets

Several research analysts have issued reports on SITM shares. Barclays increased their target price on shares of SiTime from $130.00 to $160.00 and gave the stock an “underweight” rating in a report on Friday, January 17th. Raymond James restated an “outperform” rating and set a $250.00 price objective (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Needham & Company LLC lifted their price objective on shares of SiTime from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, Stifel Nicolaus upped their price target on SiTime from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $232.00.

SiTime Stock Performance

The company has a 50 day simple moving average of $160.71 and a two-hundred day simple moving average of $192.88. The firm has a market cap of $3.08 billion, a PE ratio of -32.18 and a beta of 1.98.

Insider Activity at SiTime

In related news, insider Fariborz Assaderaghi sold 1,003 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $204.42, for a total transaction of $205,033.26. Following the sale, the insider now directly owns 99,678 shares of the company’s stock, valued at approximately $20,376,176.76. This represents a 1.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Piyush B. Sevalia sold 1,038 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $157.64, for a total transaction of $163,630.32. Following the transaction, the insider now directly owns 92,847 shares in the company, valued at approximately $14,636,401.08. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,542 shares of company stock worth $978,713 over the last three months. Company insiders own 2.30% of the company’s stock.

Institutional Trading of SiTime

Several large investors have recently made changes to their positions in SITM. Mutual of America Capital Management LLC boosted its stake in SiTime by 1.7% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company’s stock worth $615,000 after purchasing an additional 48 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of SiTime by 0.5% during the 4th quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company’s stock worth $2,307,000 after purchasing an additional 57 shares during the last quarter. Blue Trust Inc. boosted its stake in SiTime by 44.7% during the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock worth $47,000 after buying an additional 67 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of SiTime by 4.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company’s stock worth $417,000 after acquiring an additional 83 shares during the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of SiTime by 1.9% during the 4th quarter. Arizona State Retirement System now owns 5,368 shares of the company’s stock worth $1,152,000 after acquiring an additional 99 shares during the period. 84.31% of the stock is currently owned by hedge funds and other institutional investors.

About SiTime

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.