SiTime (NASDAQ:SITM) Shares Gap Down - Should You Sell?

SiTime Corporation (NASDAQ:SITM - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $241.60, but opened at $230.00. SiTime shares last traded at $206.23, with a volume of 98,045 shares.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SITM shares. Stifel Nicolaus increased their price target on shares of SiTime from $180.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Barclays upped their target price on SiTime from $135.00 to $180.00 and gave the stock an "underweight" rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, SiTime currently has an average rating of "Moderate Buy" and an average target price of $224.00.

SiTime Stock Up 1.9%

The stock has a market cap of $5.05 billion, a P/E ratio of -56.03 and a beta of 2.24. The business has a 50-day simple moving average of $193.44 and a 200-day simple moving average of $190.87.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.15. The firm had revenue of $60.31 million during the quarter, compared to analysts' expectations of $54.01 million. SiTime had a negative return on equity of 9.43% and a negative net margin of 38.60%. The company's revenue was up 82.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.08) earnings per share. On average, analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Transactions at SiTime

In related news, insider Piyush B. Sevalia sold 1,039 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total value of $228,580.00. Following the completion of the transaction, the insider now directly owns 85,516 shares in the company, valued at approximately $18,813,520. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Fariborz Assaderaghi sold 1,267 shares of the firm's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $147.80, for a total value of $187,262.60. Following the completion of the transaction, the insider now directly owns 113,584 shares of the company's stock, 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 sold a total of 63,818 shares of company stock worth $13,171,258 over the last three months. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SiTime

Institutional investors and hedge funds have recently bought and sold shares of the business. Fourth Dimension Wealth LLC bought a new position in shares of SiTime during the 4th quarter worth about $25,000. Opal Wealth Advisors LLC bought a new position in SiTime during the first quarter worth about $32,000. Advisors Asset Management Inc. lifted its stake in SiTime by 33.6% during the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock worth $54,000 after purchasing an additional 88 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in SiTime during the fourth quarter valued at approximately $58,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of SiTime by 278.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock valued at $60,000 after purchasing an additional 206 shares during the period. Institutional investors own 84.31% of the company's stock.

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.