SiTime (NASDAQ:SITM) Reaches New 52-Week High – What’s Next?
by Doug Wharley · The Cerbat GemSiTime Corporation (NASDAQ:SITM – Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $398.59 and last traded at $360.0350, with a volume of 33526 shares trading hands. The stock had previously closed at $374.18.
Wall Street Analyst Weigh In
Several research firms recently issued reports on SITM. Weiss Ratings reissued a “sell (d-)” rating on shares of SiTime in a research report on Thursday, January 22nd. Raymond James Financial reaffirmed an “outperform” rating on shares of SiTime in a research note on Tuesday, December 2nd. UBS Group boosted their price objective on shares of SiTime from $375.00 to $430.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Loop Capital began coverage on SiTime in a research report on Friday, November 21st. They issued a “buy” rating and a $350.00 target price on the stock. Finally, Roth Mkm reiterated a “buy” rating and issued a $350.00 target price on shares of SiTime in a report on Thursday, November 6th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $367.50.
View Our Latest Analysis on SITM
SiTime Price Performance
The firm’s 50-day moving average price is $352.43 and its 200-day moving average price is $291.96. The company has a market cap of $9.59 billion, a price-to-earnings ratio of -124.30 and a beta of 2.49.
SiTime (NASDAQ:SITM – Get Free Report) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.16. SiTime had a negative net margin of 25.18% and a negative return on equity of 5.69%. The firm had revenue of $83.57 million during the quarter, compared to analysts’ expectations of $78.08 million. During the same period in the prior year, the company earned $0.40 EPS. The firm’s revenue was up 44.8% on a year-over-year basis. On average, sell-side analysts anticipate that SiTime Corporation will post -2.44 earnings per share for the current year.
Insider Activity
In other SiTime news, CEO Rajesh Vashist sold 2,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $369.20, for a total value of $738,400.00. Following the completion of the sale, the chief executive officer owned 431,609 shares of the company’s stock, valued at $159,350,042.80. This trade represents a 0.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Samsheer Ahamad sold 4,000 shares of SiTime stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $291.10, for a total transaction of $1,164,400.00. Following the sale, the insider owned 51,711 shares in the company, valued at $15,053,072.10. This represents a 7.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 19,500 shares of company stock worth $6,212,210. 2.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On SiTime
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Game Plan Financial Advisors LLC purchased a new position in SiTime in the 2nd quarter valued at about $25,000. Rakuten Securities Inc. lifted its stake in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 49 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in shares of SiTime by 190.3% in the third quarter. Hantz Financial Services Inc. now owns 90 shares of the company’s stock worth $27,000 after acquiring an additional 59 shares in the last quarter. Optiver Holding B.V. boosted its holdings in SiTime by 56.1% in the third 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. Finally, Larson Financial Group LLC grew its stake in SiTime by 3,200.0% during 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 in the last quarter. 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.