Sitime Corp (NASDAQ:SITM) was the target of a significant growth in short interest in March. As of March 13th, there was short interest totalling 126,100 shares, a growth of 1,200.0% from the February 27th total of 9,700 shares. Based on an average daily volume of 81,600 shares, the days-to-cover ratio is currently 1.5 days. Approximately 4.2% of the shares of the company are short sold.
Several hedge funds have recently made changes to their positions in SITM. Russell Investments Group Ltd. bought a new stake in shares of Sitime during the fourth quarter worth $5,584,000. Emerald Mutual Fund Advisers Trust bought a new position in Sitime in the fourth quarter valued at about $4,463,000. Principal Financial Group Inc. bought a new position in Sitime in the fourth quarter valued at about $8,288,000. Boston Partners bought a new position in Sitime in the fourth quarter valued at about $1,157,000. Finally, PNC Financial Services Group Inc. bought a new position in Sitime in the fourth quarter valued at about $238,000. Institutional investors own 31.23% of the company’s stock.
A number of analysts have weighed in on SITM shares. Barclays started coverage on Sitime in a research report on Monday, December 16th. They issued an “overweight” rating and a $25.00 price target on the stock. Needham & Company LLC upped their price target on Sitime from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Roth Capital upped their price target on Sitime from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Raymond James upped their price target on Sitime from $24.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. They noted that the move was a valuation call. Finally, Stifel Nicolaus started coverage on Sitime in a research report on Monday, December 16th. They issued a “buy” rating and a $23.00 price target on the stock. Five analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average price target of $30.20.
Shares of SITM stock traded down $0.74 during trading hours on Thursday, hitting $21.55. 95,100 shares of the company’s stock were exchanged, compared to its average volume of 115,019. The company has a 50-day moving average price of $25.36. The firm has a market cap of $330.57 million and a PE ratio of -34.21. Sitime has a 52 week low of $15.42 and a 52 week high of $36.46.
Sitime (NASDAQ:SITM) last announced its earnings results on Wednesday, February 5th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.08 by $0.08. The business had revenue of $28.09 million for the quarter, compared to the consensus estimate of $26.10 million. On average, equities analysts anticipate that Sitime will post 0.18 earnings per share for the current year.
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