SiTime (NASDAQ:SITM) Trading 10.7% Higher – Here’s What Happened

SiTime Co. (NASDAQ:SITM)’s stock price shot up 10.7% during trading on Wednesday . The stock traded as high as $165.72 and last traded at $168.75. 66,954 shares traded hands during trading, a decline of 69% from the average session volume of 214,764 shares. The stock had previously closed at $152.42.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SITM shares. Raymond James reaffirmed an “outperform” rating and set a $250.00 price target (up from $215.00) on shares of SiTime in a research note on Thursday, February 6th. Stifel Nicolaus upped their price target on shares of SiTime from $250.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Roth Mkm boosted their target price on shares of SiTime from $205.00 to $230.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Needham & Company LLC raised their target price 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 upped their price target on SiTime from $130.00 to $160.00 and gave the company an “underweight” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $232.00.

SiTime Stock Down 1.2 %

The business’s 50 day simple moving average is $203.12 and its 200 day simple moving average is $191.51. The company has a market capitalization of $4.15 billion, a PE ratio of -43.44 and a beta of 1.85.

Insider Buying and Selling

In related news, Director Raman Chitkara sold 500 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $265.00, for a total transaction of $132,500.00. Following the completion of the transaction, the director now directly owns 20,719 shares in the company, valued at $5,490,535. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $249.42, for a total transaction of $249,420.00. Following the completion of the sale, the insider now owns 101,683 shares in the company, valued at $25,361,773.86. This represents a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,108 shares of company stock valued at $5,474,335. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On SiTime

Several hedge funds have recently made changes to their positions in the stock. Fourth Dimension Wealth LLC bought a new position in SiTime in the fourth quarter worth $25,000. Blue Trust Inc. raised its stake in shares of SiTime by 44.7% in the fourth quarter. Blue Trust Inc. now owns 217 shares of the company’s stock valued at $47,000 after acquiring an additional 67 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of SiTime in the 4th quarter worth approximately $58,000. Smartleaf Asset Management LLC grew its position in SiTime by 278.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 280 shares of the company’s stock worth $60,000 after acquiring an additional 206 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in SiTime during the 4th quarter valued at $81,000. 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.