Counterpoint Mutual Funds LLC Invests $574,000 in SiTime Corporation $SITM

Key Points

• Counterpoint Mutual Funds disclosed a new first-quarter stake in SiTime, buying 1,663 shares valued at about $574,000. The filing also showed several other hedge funds increased their positions, with institutional investors owning 84.31% of the stock.
• SiTime executives have been active sellers recently: CEO Rajesh Vashist sold 15,000 shares and Director Torsten Kreindl sold 710 shares, while insiders sold a total of 73,375 shares over the past 90 days. Insider ownership now stands at just 1.40%.
• The company beat earnings expectations in its latest quarter, reporting $1.44 EPS on revenue of $113.57 million, with revenue up 88.3% year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $661.88.

Counterpoint Mutual Funds LLC acquired a new stake in SiTime Corporation (NASDAQ:SITM - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,663 shares of the company's stock, valued at approximately $574,000.

A number of other hedge funds have also made changes to their positions in SITM. Royal Bank of Canada lifted its position in SiTime by 12.5% in the first quarter. Royal Bank of Canada now owns 4,411 shares of the company's stock worth $675,000 after purchasing an additional 491 shares during the period. Advisors Asset Management Inc. increased its position in shares of SiTime by 33.6% during the 1st 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 period. AQR Capital Management LLC increased its position in shares of SiTime by 310.8% during the 1st 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 period. Intech Investment Management LLC increased its position in shares of SiTime by 21.6% during the 1st 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 period. Finally, M&T Bank Corp bought a new stake in shares of SiTime in the 2nd quarter worth $240,000. Institutional investors and hedge funds own 84.31% of the company's stock.

Insider Buying and Selling at SiTime

In related news, CEO Rajesh Vashist sold 15,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $750.20, for a total value of $11,253,000.00. Following the completion of the transaction, the chief executive officer owned 387,898 shares in the company, valued at $291,001,079.60. This trade represents a 3.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Torsten Kreindl sold 710 shares of SiTime stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $720.00, for a total value of $511,200.00. Following the completion of the transaction, the director directly owned 13,141 shares in the company, valued at $9,461,520. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 73,375 shares of company stock valued at $51,931,438 over the last 90 days. 1.40% of the stock is owned by insiders.

SiTime Stock Performance

NASDAQ SITM opened at $601.66 on Friday. The stock has a market capitalization of $15.88 billion, a P/E ratio of -595.70 and a beta of 2.91. SiTime Corporation has a 1 year low of $186.49 and a 1 year high of $901.81. The business's fifty day moving average is $695.57 and its two-hundred day moving average is $489.90.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen lowered SiTime from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Stifel Nicolaus lifted their target price on SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. 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. Roth Mkm reissued a "buy" rating and issued a $900.00 price target on shares of SiTime in a report on Thursday, May 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of SiTime in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, SiTime presently has a consensus rating of "Moderate Buy" and an average price target of $661.88.

SiTime Profile

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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