BIT Capital GmbH Makes New $5.70 Million Investment in SiTime Corporation $SITM

Key Points

• BIT Capital GmbH opened a new position in SiTime, buying 16,150 shares valued at about $5.7 million in the fourth quarter, according to its latest 13F filing.
• SiTime reported strong quarterly results, with earnings of $1.44 per share beating estimates and revenue of $113.57 million, up 88.3% year over year.
• Analysts remain largely bullish on the stock, with several firms raising price targets to as high as $850 and consensus sentiment sitting at Moderate Buy.

BIT Capital GmbH bought a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,150 shares of the company's stock, valued at approximately $5,704,000. BIT Capital GmbH owned 0.06% of SiTime at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in shares of SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock valued at $675,000 after purchasing an additional 491 shares during the last quarter. Advisors Asset Management Inc. grew its position in shares of SiTime by 33.6% in the first quarter. Advisors Asset Management Inc. now owns 350 shares of the company's stock valued at $54,000 after purchasing an additional 88 shares during the last quarter. AQR Capital Management LLC grew its position in shares of SiTime by 310.8% in the first quarter. AQR Capital Management LLC now owns 10,754 shares of the company's stock valued at $1,557,000 after purchasing an additional 8,136 shares during the last quarter. Intech Investment Management LLC grew its position in shares of SiTime by 21.6% in the first quarter. Intech Investment Management LLC now owns 8,322 shares of the company's stock valued at $1,272,000 after purchasing an additional 1,477 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of SiTime in the second quarter valued at approximately $240,000. 84.31% of the stock is currently owned by institutional investors and hedge funds.

SiTime Stock Performance

Shares of SITM opened at $625.68 on Friday. The company has a market capitalization of $16.52 billion, a price-to-earnings ratio of -619.49 and a beta of 2.94. The company's 50 day simple moving average is $582.71 and its 200 day simple moving average is $436.70. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81.

SiTime (NASDAQ:SITM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.30. The business had revenue of $113.57 million for the quarter, compared to the consensus estimate of $103.51 million. SiTime had a negative net margin of 6.38% and a positive return on equity of 0.53%. The company's quarterly revenue was up 88.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Equities analysts expect that SiTime Corporation will post 3.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SITM. Weiss Ratings reiterated a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. The Goldman Sachs Group reiterated a "buy" rating and issued a $800.00 price target on shares of SiTime in a research report on Thursday, May 7th. Needham & Company LLC upped their price objective on SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen upgraded SiTime from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Barclays upgraded SiTime from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $400.00 to $850.00 in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $661.88.

Insider Buying and Selling at SiTime

In related news, Director Akira Takata sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $860.86, for a total transaction of $1,291,290.00. Following the transaction, the director owned 12,234 shares of the company's stock, valued at approximately $10,531,761.24. This represents a 10.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Piyush B. Sevalia sold 2,419 shares of the company's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $484.05, for a total transaction of $1,170,916.95. Following the transaction, the insider directly owned 84,250 shares in the company, valued at $40,781,212.50. The trade was a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 52,624 shares of company stock valued at $35,942,053. 1.40% of the stock is owned by corporate insiders.

About SiTime

SiTime Corporation is a fabless semiconductor company specializing in silicon timing solutions that leverage micro-electromechanical systems (MEMS) technology as an alternative to traditional quartz crystals. Its portfolio of programmable oscillators, resonators, clock generators, jitter attenuators and network synchronizers addresses precision timekeeping requirements across a wide range of electronic systems. By integrating MEMS resonators with advanced mixed-signal control circuitry, SiTime's products offer enhanced reliability, resistance to shock and vibration, and a smaller footprint compared with conventional quartz devices.

The company's timing devices serve diverse end markets, including telecommunications infrastructure, data center and enterprise networking, consumer electronics, automotive systems, industrial automation, and aerospace and defense applications.

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