SiTime (NASDAQ:SITM) Trading Down 3.9% - Here's What Happened

SiTime Co. (NASDAQ:SITM - Get Free Report) dropped 3.9% during mid-day trading on Monday . The company traded as low as $150.60 and last traded at $147.13. Approximately 41,758 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 240,661 shares. The stock had previously closed at $153.04.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SITM shares. Stifel Nicolaus cut their price target on SiTime from $270.00 to $180.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Raymond James reissued an "outperform" rating and set a $250.00 price target (up previously from $215.00) on shares of SiTime in a report on Thursday, February 6th. Barclays dropped their price objective on shares of SiTime from $180.00 to $110.00 and set an "underweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Needham & Company LLC boosted their target price on shares of SiTime from $225.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $204.00.

SiTime Stock Up 4.7 %

The firm has a market capitalization of $3.89 billion, a P/E ratio of -40.45 and a beta of 1.98. The business's 50 day moving average is $152.47 and its two-hundred day moving average is $189.69.

Insider Activity at SiTime

In related news, insider Lionel Bonnot sold 3,501 shares of the firm's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $174.25, for a total transaction of $610,049.25. Following the completion of the transaction, the insider now owns 87,940 shares of the company's stock, valued at $15,323,545. This trade represents a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Fariborz Assaderaghi sold 1,267 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $147.80, for a total transaction of $187,262.60. Following the completion of the sale, the insider now owns 113,584 shares in the company, valued at approximately $16,787,715.20. This trade represents a 1.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,809 shares of company stock worth $1,165,975 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of SiTime

A number of large investors have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC boosted its stake in shares of SiTime by 1.7% during the 4th quarter. Mutual of America Capital Management LLC now owns 2,866 shares of the company's stock worth $615,000 after acquiring an additional 48 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of SiTime by 0.5% during the fourth quarter. State of Alaska Department of Revenue now owns 10,755 shares of the company's stock valued at $2,307,000 after purchasing an additional 57 shares during the last quarter. Blue Trust Inc. boosted its position in shares of SiTime by 44.7% in the 4th quarter. Blue Trust Inc. now owns 217 shares of the company's stock valued at $47,000 after purchasing an additional 67 shares during the period. Summit Investment Advisors Inc. increased its stake in SiTime by 4.5% in the 4th quarter. Summit Investment Advisors Inc. now owns 1,945 shares of the company's stock worth $417,000 after purchasing an additional 83 shares in the last quarter. Finally, Xponance Inc. raised its holdings in SiTime by 7.2% during the 1st quarter. Xponance Inc. now owns 1,419 shares of the company's stock worth $217,000 after buying an additional 95 shares during the period. 84.31% of the stock is currently owned by institutional investors.

About SiTime

SiTime Corporation designs, develops, and sells silicon timing systems solutions in Taiwan, Hong Kong, the United States, Singapore, and internationally. The company provides resonators and clock integrated circuits, and various types of oscillators. It serves various markets, including communications, datacenter, enterprise, automotive, industrial, internet of things, mobile, consumer, and aerospace and defense.