SiTime (NASDAQ:SITM) Sets New 1-Year High - Here's Why

Key Points

• SiTime hit a new 52-week high of $447.51 (last $446.83), up about 6.3%, while analysts maintain a consensus "Moderate Buy" with an average price target of $409.38 and several firms at $450.00.
• Quarterly results beat estimates: SiTime reported $1.53 EPS and $113.29M revenue (up 66.3% YoY), but remains unprofitable with a negative net margin and analysts forecast -2.44 EPS for the fiscal year.
• Insider selling noted: insiders sold 22,512 shares in the past 90 days (2.30% insider ownership), while institutional investors hold roughly 84.31% of the stock.

SiTime Corporation (NASDAQ:SITM - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $447.51 and last traded at $446.83, with a volume of 230163 shares. The stock had previously closed at $420.32.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SITM. Stifel Nicolaus set a $450.00 target price on SiTime in a report on Thursday, February 5th. Wall Street Zen downgraded SiTime from a "buy" rating to a "hold" rating in a report on Saturday. Roth Mkm reissued a "buy" rating and issued a $450.00 target price on shares of SiTime in a report on Thursday, February 5th. The Goldman Sachs Group began coverage on SiTime in a report on Monday, December 15th. They issued a "buy" rating and a $420.00 target price on the stock. Finally, Barclays set a $400.00 target price on SiTime in a report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $409.38.

SiTime Stock Up 6.3%

The business has a fifty day simple moving average of $375.90 and a two-hundred day simple moving average of $341.36. The company has a market cap of $11.75 billion, a P/E ratio of -245.51 and a beta of 2.57.

SiTime (NASDAQ:SITM - Get Free Report) last posted its earnings results on Wednesday, February 4th. The company reported $1.53 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.33. The company had revenue of $113.29 million for the quarter, compared to the consensus estimate of $101.91 million. SiTime had a negative return on equity of 2.06% and a negative net margin of 13.13%.SiTime's revenue was up 66.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 earnings per share. On average, equities analysts predict that SiTime Corporation will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other SiTime news, Director Raman Chitkara sold 501 shares of the company's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $425.03, for a total value of $212,940.03. Following the completion of the sale, the director owned 21,508 shares in the company, valued at $9,141,545.24. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 4,984 shares of the company's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $406.45, for a total value of $2,025,746.80. Following the completion of the sale, the insider owned 89,194 shares of the company's stock, valued at approximately $36,252,901.30. The trade was a 5.29% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 22,512 shares of company stock valued at $9,581,432. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SiTime

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rakuten Securities Inc. boosted its stake in SiTime by 188.5% during 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. boosted its stake in SiTime by 190.3% during 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. lifted its stake in shares of SiTime by 56.1% in the 3rd quarter. Optiver Holding B.V. now owns 89 shares of the company's stock valued at $27,000 after purchasing an additional 32 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of SiTime by 3,200.0% in the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock valued at $30,000 after purchasing an additional 96 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of SiTime in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

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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