SiTime (NASDAQ:SITM) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.
According to Zacks, "SiTime Corporation offers MEMS-based silicon timing system solutions, through a wholly-owned subsidiary of MegaChips Corporation. SiTime Corporation is based in SANTA CLARA, Calif. "
A number of other research analysts also recently commented on the stock. Needham & Company LLC dropped their target price on shares of SiTime from $150.00 to $125.00 and set a "buy" rating on the stock in a research report on Wednesday, May 5th. Roth Capital lowered their price objective on shares of SiTime from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Wednesday, May 5th. They noted that the move was a valuation call. Finally, Barclays lowered their price objective on shares of SiTime from $150.00 to $125.00 in a research report on Wednesday, May 5th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of "Buy" and a consensus target price of $122.67.
NASDAQ SITM opened at $127.79 on Wednesday. The firm has a fifty day moving average of $98.91. The stock has a market cap of $2.41 billion, a P/E ratio of -255.58 and a beta of 0.55. SiTime has a 12 month low of $42.01 and a 12 month high of $151.78.
SiTime (NASDAQ:SITM) last posted its earnings results on Monday, May 3rd. The company reported $0.19 EPS for the quarter, beating the Zacks' consensus estimate of $0.12 by $0.07. The firm had revenue of $35.54 million for the quarter, compared to the consensus estimate of $33.00 million. SiTime had a negative net margin of 6.04% and a negative return on equity of 5.16%. The company's revenue was down 11.7% on a year-over-year basis. During the same period last year, the firm posted $0.42 EPS. Analysts expect that SiTime will post -0.31 earnings per share for the current year.
In other news, insider Fariborz Assaderaghi sold 1,140 shares of the firm's stock in a transaction on Thursday, March 25th. The shares were sold at an average price of $97.95, for a total value of $111,663.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Piyush B. Sevalia sold 550 shares of the firm's stock in a transaction on Thursday, June 17th. The stock was sold at an average price of $125.00, for a total transaction of $68,750.00. The disclosure for this sale can be found here. Insiders sold a total of 65,069 shares of company stock valued at $6,146,298 in the last 90 days. Company insiders own 0.80% of the company's stock.
Hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors acquired a new stake in shares of SiTime in the 1st quarter worth $41,000. IFP Advisors Inc acquired a new stake in shares of SiTime in the 1st quarter worth $75,000. Hudock Inc. acquired a new stake in shares of SiTime in the first quarter valued at about $136,000. ProShare Advisors LLC acquired a new stake in shares of SiTime in the fourth quarter valued at about $229,000. Finally, Twinbeech Capital LP acquired a new stake in shares of SiTime in the first quarter valued at about $208,000. Institutional investors own 62.03% of the company's stock.
SiTime Corporation provides silicon timing systems in Taiwan, Hong Kong, the United States, and internationally. It provides resonators and clock integrated circuits, and various types of oscillators. The company's solutions are used in various markets, including enterprise and telecommunications infrastructure, automotive, industrial, Internet of Things, mobile, and aerospace and defense.
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Who knew that something so tiny could create such a big problem? However, that’s the case with the semiconductor industry. Chip manufacturers are facing supply chain disruptions due to the Covid-19 pandemic.
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