Emerald Mutual Fund Advisers Trust Sells 11,655 Shares of SiTime Corporation $SITM

Key Points

• Emerald Mutual Fund Advisers Trust cut its SiTime stake by 22.1% in Q1, selling 11,655 shares and leaving it with 41,170 shares worth about $14.2 million.
• Insiders have been selling SiTime stock, including CEO Rajesh Vashist and Director Christine Heckart, with total insider sales of 72,128 shares worth about $51.4 million over the last quarter.
• SiTime recently reported better-than-expected earnings and revenue, with EPS of $1.44 versus $1.14 expected and revenue up 88.3% year over year to $113.57 million; analysts currently have a Moderate Buy consensus and an average price target of $661.88.

Emerald Mutual Fund Advisers Trust lessened its position in SiTime Corporation (NASDAQ:SITM - Free Report) by 22.1% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 41,170 shares of the company's stock after selling 11,655 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.16% of SiTime worth $14,218,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Archer Investment Corp bought a new position in shares of SiTime in the 1st quarter worth $228,000. State of Michigan Retirement System bought a new stake in SiTime during the 1st quarter valued at $1,830,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in SiTime by 2.0% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,535 shares of the company's stock valued at $1,912,000 after purchasing an additional 107 shares in the last quarter. Fifth Third Bancorp raised its holdings in SiTime by 5,839.1% during the first quarter. Fifth Third Bancorp now owns 9,265 shares of the company's stock worth $3,200,000 after buying an additional 9,109 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS raised its holdings in SiTime by 3.1% during the first quarter. Kornitzer Capital Management Inc. KS now owns 19,607 shares of the company's stock worth $6,771,000 after buying an additional 590 shares during the last quarter. Institutional investors own 84.31% of the company's stock.

Insider Activity

In other news, CEO Rajesh Vashist sold 5,000 shares of SiTime stock in a transaction on Monday, June 15th. The stock was sold at an average price of $750.00, for a total transaction of $3,750,000.00. Following the sale, the chief executive officer directly owned 9,781 shares in the company, valued at $7,335,750. The trade was a 33.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $700.00, for a total transaction of $903,000.00. Following the completion of the transaction, the director directly owned 790 shares in the company, valued at $553,000. This trade represents a 62.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 72,128 shares of company stock worth $51,401,463. 1.40% of the stock is owned by insiders.

SiTime Stock Performance

Shares of SITM stock opened at $602.55 on Tuesday. The company has a market capitalization of $15.91 billion, a price-to-earnings ratio of -596.58 and a beta of 2.91. SiTime Corporation has a 52-week low of $186.49 and a 52-week high of $901.81. The company has a 50-day simple moving average of $703.97 and a two-hundred day simple moving average of $501.33.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SITM. Roth Capital reiterated a "buy" rating and set a $900.00 price objective on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus upped their target price on shares of SiTime from $450.00 to $500.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Wall Street Zen raised shares of SiTime from a "hold" rating to a "buy" rating in a research report on Sunday. Needham & Company LLC lifted their price target on SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Finally, Zacks Research lowered SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, SiTime presently has a consensus rating of "Moderate Buy" and an average price target of $661.88.

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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