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

Shares of SiTime Corporation (NASDAQ:SITMGet Free Report) saw strong trading volume on Wednesday . 213,872 shares were traded during 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.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $800.00 price objective on shares of SiTime in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of SiTime from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Needham & Company LLC boosted their price objective on shares of SiTime from $450.00 to $850.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. UBS Group boosted their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Zacks Research upgraded shares of SiTime from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $661.88.

Get Our Latest Stock Analysis on SITM

SiTime Price Performance

The stock’s fifty day moving average price is $502.52 and its 200 day moving average price is $406.26. The stock has a market capitalization of $18.79 billion, a P/E ratio of -704.74 and a beta of 2.91.

SiTime (NASDAQ:SITMGet Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.30. The firm had revenue of $113.57 million for the quarter, compared to analysts’ expectations of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The business’s revenue for the quarter was up 88.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.26 earnings per share. On average, sell-side analysts expect that SiTime Corporation will post 3.23 earnings per share for the current year.

Insider Activity at SiTime

In other news, Director Akira Takata sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total value of $1,291,290.00. Following the transaction, the director directly owned 12,234 shares in the company, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the completion of the transaction, the insider 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 11,900 shares of company stock valued at $5,699,244. Company insiders own 1.40% of the company’s stock.

Institutional Trading of SiTime

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in SiTime by 53.7% in the first quarter. Bank of America Corp DE now owns 151,021 shares of the company’s stock worth $52,155,000 after acquiring an additional 52,754 shares during the period. Edgestream Partners L.P. purchased a new stake in SiTime in the first quarter worth about $758,000. Janus Henderson Group PLC lifted its stake in SiTime by 13.2% in the first quarter. Janus Henderson Group PLC now owns 14,448 shares of the company’s stock worth $4,994,000 after acquiring an additional 1,688 shares during the period. California State Teachers Retirement System lifted its stake in SiTime by 22.3% in the first quarter. California State Teachers Retirement System now owns 25,655 shares of the company’s stock worth $8,860,000 after acquiring an additional 4,670 shares during the period. Finally, Regal Partners Ltd purchased a new stake in SiTime in the first quarter worth about $288,000. 84.31% of the stock is owned by hedge funds and other institutional investors.

About SiTime

(Get Free Report)

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.

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