SiTime (NASDAQ:SITM) Shares Down 17.9% - Here's What Happened

SiTime Co. (NASDAQ:SITM - Get Free Report)'s share price dropped 17.9% during mid-day trading on Monday . The stock traded as low as $213.20 and last traded at $203.21. Approximately 90,759 shares changed hands during trading, a decline of 41% from the average daily volume of 153,489 shares. The stock had previously closed at $247.61.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SITM shares. Needham & Company LLC boosted their price objective on shares of SiTime from $140.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Barclays boosted their price objective on shares of SiTime from $130.00 to $160.00 and gave the stock an "underweight" rating in a report on Friday, January 17th. Roth Mkm boosted their price objective on shares of SiTime from $205.00 to $230.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus boosted their price objective on shares of SiTime from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Monday, January 6th.

SiTime Price Performance

The firm's 50 day moving average is $228.31 and its 200 day moving average is $185.13. The company has a market capitalization of $4.77 billion, a PE ratio of -49.32 and a beta of 1.82.

SiTime (NASDAQ:SITM - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.26 by $0.14. SiTime had a negative net margin of 53.55% and a negative return on equity of 9.89%. The company had revenue of $57.70 million for the quarter, compared to the consensus estimate of $55.10 million. During the same period in the previous year, the firm earned ($0.81) earnings per share. The firm's revenue for the quarter was up 62.4% on a year-over-year basis. As a group, analysts predict that SiTime Co. will post -2.98 EPS for the current fiscal year.

Insider Buying and Selling

In other SiTime news, Director Torsten Kreindl sold 6,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $220.86, for a total transaction of $1,325,160.00. Following the transaction, the director now directly owns 13,511 shares of the company's stock, valued at approximately $2,984,039.46. The trade was a 30.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fariborz Assaderaghi sold 1,000 shares of the business's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $210.16, for a total transaction of $210,160.00. Following the transaction, the insider now directly owns 108,574 shares in the company, valued at approximately $22,817,911.84. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,931 shares of company stock valued at $6,326,724 over the last three months. 2.30% of the stock is owned by company insiders.

Institutional Trading of SiTime

A number of hedge funds and other institutional investors have recently modified their holdings of SITM. Hsbc Holdings PLC purchased a new stake in shares of SiTime in the 2nd quarter worth about $214,000. Sei Investments Co. grew its position in shares of SiTime by 2.9% in the 2nd quarter. Sei Investments Co. now owns 14,670 shares of the company's stock worth $1,825,000 after buying an additional 409 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of SiTime by 9.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,200 shares of the company's stock worth $1,269,000 after buying an additional 898 shares during the period. SG Americas Securities LLC purchased a new stake in shares of SiTime in the 3rd quarter worth about $878,000. Finally, Quent Capital LLC bought a new position in SiTime in the 3rd quarter worth about $528,000. 84.31% of the stock is owned by hedge funds and other 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.