SiTime (NASDAQ:SITM) Sees Strong Trading Volume – Time to Buy?

SiTime Corporation (NASDAQ:SITM) shares saw unusually-high trading volume on Wednesday . Approximately 213,872 shares were traded during mid-day trading, a decline of 50% from the previous session’s volume of 424,684 shares.The stock last traded at $682.8840 and had previously closed at $693.66.

Analyst Ratings Changes

Several analysts have weighed in on the company. Zacks Research upgraded SiTime from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Roth Mkm reiterated a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. Needham & Company LLC increased their price objective on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, UBS Group increased their price objective 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. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $661.88.

SiTime Stock Down 0.4%

The firm has a 50-day moving average of $488.58 and a two-hundred day moving average of $400.33. The company has a market capitalization of $18.24 billion, a PE ratio of -683.78 and a beta of 2.91.

SiTime (NASDAQ:SITM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The business had revenue of $113.57 million during the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company’s revenue was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Equities analysts predict that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Fariborz Assaderaghi sold 4,984 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total transaction of $2,025,746.80. Following the transaction, the insider owned 89,194 shares in the company, valued at $36,252,901.30. This trade represents a 5.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $484.05, for a total value of $1,170,916.95. Following the transaction, the insider owned 84,250 shares in the company, valued at $40,781,212.50. This trade represents a 2.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 11,900 shares of company stock worth $5,699,244. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On SiTime

Several large investors have recently bought and sold shares of SITM. Rakuten Securities Inc. raised its position in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 49 shares during the last quarter. Hantz Financial Services Inc. raised its position in shares of SiTime by 190.3% in the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock valued at $27,000 after buying an additional 59 shares during the last quarter. Optiver Holding B.V. raised its position in shares of SiTime by 56.1% in the third quarter. Optiver Holding B.V. now owns 89 shares of the company’s stock valued at $27,000 after buying an additional 32 shares during the last quarter. Parallel Advisors LLC raised its position in shares of SiTime by 26.2% in the first quarter. Parallel Advisors LLC now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 16 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in shares of 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 buying an additional 96 shares during the last quarter. 84.31% of the stock is currently 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.