SiTime (NASDAQ:SITM) Trading Up 10.7% - Here's What Happened

SiTime Co. (NASDAQ:SITM - Get Free Report)'s stock price traded up 10.7% during trading on Wednesday . The company traded as high as $165.72 and last traded at $168.75. 66,954 shares were traded during mid-day trading, a decline of 69% from the average session volume of 214,764 shares. The stock had previously closed at $152.42.

Analyst Ratings Changes

SITM has been the topic of several research reports. Raymond James restated an "outperform" rating and set a $250.00 price objective (up previously from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Stifel Nicolaus upped their price target on SiTime from $250.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Needham & Company LLC lifted their price objective on shares of SiTime from $225.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday, February 6th. Finally, Barclays increased their target price on shares of SiTime from $130.00 to $160.00 and gave the stock an "underweight" rating in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $232.00.

SiTime Trading Down 1.8 %

The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of -43.17 and a beta of 1.85. The business has a 50-day moving average price of $202.20 and a two-hundred day moving average price of $192.45.

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Insider Activity

In related news, CEO Rajesh Vashist sold 12,000 shares of the company's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $259.25, for a total value of $3,111,000.00. Following the completion of the sale, the chief executive officer now owns 24,781 shares of the company's stock, valued at $6,424,474.25. This represents a 32.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Vincent P. Pangrazio sold 3,064 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $255.00, for a total transaction of $781,320.00. Following the completion of the transaction, the insider now owns 65,978 shares of the company's stock, valued at $16,824,390. This represents a 4.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,108 shares of company stock valued at $5,474,335. Insiders own 2.30% of the company's stock.

Institutional Trading of SiTime

A number of institutional investors have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC acquired a new position in shares of SiTime during the fourth quarter valued at approximately $25,000. Blue Trust Inc. increased its position in shares of SiTime by 44.7% during 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. Aster Capital Management DIFC Ltd bought a new stake in shares of SiTime in the 4th quarter worth $58,000. Smartleaf Asset Management LLC lifted its holdings in shares of SiTime by 278.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 280 shares of the company's stock valued at $60,000 after buying an additional 206 shares during the period. Finally, Lazard Asset Management LLC bought a new position in SiTime during the fourth quarter valued at about $81,000. 84.31% of the stock is owned by institutional investors and hedge funds.

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.