Clough Capital Partners L P Invests $510,000 in SiTime Corporation $SITM

Key Points

• Clough Capital Partners L P recently acquired 3,335 shares of SiTime Corporation ($SITM), valued at approximately $510,000, signaling increased institutional interest in the company.
• Insider selling has occurred, including a sale of 1,039 shares by Piyush B. Sevalia for $228,580, which represents a 1.20% decrease in their ownership.
• Aside from these changes, brokerages have issued positive ratings on SiTime, with UBS Group giving it a "buy" rating and a price target of $260.00.

Clough Capital Partners L P purchased a new stake in SiTime Corporation (NASDAQ:SITM - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,335 shares of the company's stock, valued at approximately $510,000.

Several other hedge funds have also added to or reduced their stakes in SITM. Fourth Dimension Wealth LLC bought a new position in SiTime in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in SiTime in the first quarter valued at about $32,000. CWM LLC boosted its holdings in SiTime by 69.0% in the first quarter. CWM LLC now owns 453 shares of the company's stock valued at $69,000 after acquiring an additional 185 shares during the last quarter. Lazard Asset Management LLC bought a new position in SiTime in the fourth quarter valued at about $81,000. Finally, Aquatic Capital Management LLC bought a new position in SiTime in the fourth quarter valued at about $192,000. Institutional investors own 84.31% of the company's stock.

SiTime Trading Down 2.8%

Shares of NASDAQ SITM traded down $6.50 during mid-day trading on Wednesday, reaching $226.34. 92,234 shares of the company's stock were exchanged, compared to its average volume of 329,148. The business has a fifty day simple moving average of $212.44 and a 200 day simple moving average of $187.91. SiTime Corporation has a twelve month low of $105.40 and a twelve month high of $268.18. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of -65.04 and a beta of 2.18.

SiTime (NASDAQ:SITM - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. SiTime had a negative return on equity of 7.54% and a negative net margin of 32.15%.The business had revenue of $69.49 million for the quarter, compared to analyst estimates of $64.66 million. During the same quarter last year, the firm earned $0.12 EPS. SiTime's revenue for the quarter was up 58.3% compared to the same quarter last year. Equities research analysts predict that SiTime Corporation will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SiTime news, CEO Rajesh Vashist sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $215.00, for a total transaction of $2,150,000.00. Following the transaction, the chief executive officer owned 474,763 shares of the company's stock, valued at $102,074,045. The trade was a 2.06% 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 Piyush B. Sevalia sold 1,039 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $220.00, for a total value of $228,580.00. Following the transaction, the insider directly owned 85,516 shares in the company, valued at $18,813,520. This trade represents a 1.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,539 shares of company stock worth $3,751,940 over the last 90 days. Company insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SITM. Raymond James Financial reiterated an "outperform" rating and issued a $270.00 price target (up previously from $250.00) on shares of SiTime in a report on Friday, August 29th. Barclays raised their price target on SiTime from $180.00 to $220.00 and gave the company an "underweight" rating in a report on Thursday, August 7th. UBS Group started coverage on SiTime in a report on Thursday, August 14th. They set a "buy" rating and a $260.00 target price on the stock. Finally, Stifel Nicolaus raised their target price on SiTime from $210.00 to $230.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $243.33.

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.