SiTime (NASDAQ:SITM) Sees Strong Trading Volume - Here's What Happened

Key Points

• SiTime shares traded heavily on Wednesday, with 213,872 shares changing hands, though that was down 50% from the prior session. The stock slipped 0.4% to $682.88 from $693.66.
• Recent analyst sentiment is mostly positive: Goldman Sachs, Barclays, Zacks, and Needham all issued or upgraded bullish views, while Weiss Ratings stayed negative. Overall, the stock carries a Moderate Buy consensus with an average price target of $661.88.
• SiTime’s latest quarterly results beat expectations, with EPS of $1.44 versus $1.14 expected and revenue of $113.57 million versus $103.51 million estimated. Revenue jumped 88.3% from a year earlier, although insiders have been selling shares in recent months.

SiTime Corporation (NASDAQ:SITM - Get Free Report) saw strong trading volume on Wednesday . 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.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. 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. Barclays raised shares of SiTime from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. Zacks Research raised shares of SiTime from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 15th. 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. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $661.88.

SiTime Trading Down 0.4%

The business has a 50-day moving average price of $488.58 and a 200-day moving average price of $400.33. The firm has a market cap of $18.24 billion, a P/E ratio of -683.78 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.30. The company had revenue of $113.57 million for the quarter, compared to analyst estimates of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. SiTime's revenue was up 88.3% compared to the same quarter last year. During the same period last year, the company 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 SiTime news, Director Akira Takata sold 1,500 shares of the business'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 completion of the transaction, the director directly owned 12,234 shares in the company, valued at approximately $10,531,761.24. The trade was a 10.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Raman Chitkara sold 501 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total transaction of $212,940.03. Following the completion of the transaction, the director owned 21,508 shares of the company's stock, valued at $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 11,900 shares of company stock valued at $5,699,244. 1.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SiTime

A number of large investors have recently added to or reduced their stakes in SITM. Emerald Mutual Fund Advisers Trust grew its stake in SiTime by 10.6% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 98,689 shares of the company's stock worth $29,736,000 after buying an additional 9,492 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in SiTime by 21.2% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 44,363 shares of the company's stock worth $13,367,000 after buying an additional 7,772 shares during the last quarter. Federated Hermes Inc. grew its stake in SiTime by 25.0% during the 3rd quarter. Federated Hermes Inc. now owns 125,000 shares of the company's stock worth $37,664,000 after buying an additional 25,000 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its stake in SiTime by 145.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company's stock worth $3,681,000 after buying an additional 7,247 shares during the last quarter. Finally, Cibc World Market Inc. acquired a new stake in SiTime in the 3rd quarter worth approximately $2,259,000. 84.31% of the stock is currently owned by institutional investors.

About SiTime

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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