SiTime (NASDAQ:SITM) Shares Gap Up - Time to Buy?

Key Points

• SiTime Corporation shares gapped up from a previous close of $190.16 to open at $198.10, closing last at $194.84, with a volume of 34,593 shares traded.
• Analysts have mixed views on SiTime, with Stifel Nicolaus upgrading their price target from $210 to $230 and giving a "buy" rating, while Barclays increased theirs from $135 to $180 but maintained an "underweight" rating.
• The company's latest quarterly earnings surpassed expectations, reporting $0.26 EPS on revenue of $60.31 million, reflecting a year-over-year growth of 82.7%.

SiTime Corporation (NASDAQ:SITM - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $190.16, but opened at $198.10. SiTime shares last traded at $194.84, with a volume of 34,593 shares changing hands.

Analyst Ratings Changes

Several research firms recently weighed in on SITM. Stifel Nicolaus boosted their price objective on shares of SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Barclays raised their target price on shares of SiTime from $135.00 to $180.00 and gave the company an "underweight" rating in a research note on Wednesday, June 11th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $228.00.

SiTime Trading Up 3.8%

The stock has a 50 day moving average price of $208.01 and a two-hundred day moving average price of $186.67. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -53.38 and a beta of 2.20.

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

Insider Buying and Selling

In other news, CEO Rajesh Vashist sold 20,000 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $210.65, for a total value of $4,213,000.00. Following the completion of the transaction, the chief executive officer owned 490,320 shares of the company's stock, valued at $103,285,908. The trade was a 3.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Tom Dang-Hsing Yiu sold 2,115 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $200.00, for a total transaction of $423,000.00. Following the completion of the transaction, the director directly owned 18,500 shares of the company's stock, valued at $3,700,000. This trade represents a 10.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 64,551 shares of company stock worth $13,413,996 over the last ninety days. Insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On SiTime

Institutional investors and hedge funds have recently made changes to their positions in the company. Fourth Dimension Wealth LLC acquired a new position in SiTime in the 4th quarter worth $25,000. Game Plan Financial Advisors LLC acquired a new position in SiTime in the 2nd quarter worth $25,000. Opal Wealth Advisors LLC acquired a new position in SiTime in the 1st quarter worth $32,000. Advisors Asset Management Inc. boosted its stake in SiTime by 33.6% in the 1st 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. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of SiTime in the fourth quarter worth $58,000. Institutional investors and hedge funds own 84.31% of the company's stock.

SiTime Company Profile

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.