Polar Asset Management Partners Inc. Trims Stock Holdings in SiTime Corporation $SITM

Key Points

• Polar Asset Management cut its SiTime position by 64% in the first quarter, selling 19,316 shares and retaining 10,853 shares valued at approximately $3.75 million. Institutional investors collectively own 84.31% of the company.
• SiTime reported stronger-than-expected quarterly results, with EPS of $1.44 versus the $1.14 consensus estimate and revenue of $113.57 million, up 88.3% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $661.88, although recent insider selling—including $21.0 million of stock sold by the CEO—has reduced insider ownership to 1.40%.

Polar Asset Management Partners Inc. decreased its holdings in shares of SiTime Corporation (NASDAQ:SITM - Free Report) by 64.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,853 shares of the company's stock after selling 19,316 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in SiTime were worth $3,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Rakuten Securities Inc. grew its position in shares of SiTime by 188.5% in the fourth quarter. Rakuten Securities Inc. now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Parallel Advisors LLC lifted its holdings in SiTime by 26.2% during the 1st quarter. Parallel Advisors LLC now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 16 shares in the last quarter. Larson Financial Group LLC lifted its holdings in SiTime by 3,200.0% during the 3rd quarter. Larson Financial Group LLC now owns 99 shares of the company's stock worth $30,000 after purchasing an additional 96 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in SiTime during the 4th quarter worth about $33,000. Finally, Danske Bank A S bought a new position in SiTime in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 84.31% of the company's stock.

SiTime Price Performance

SiTime stock opened at $554.46 on Monday. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The business has a 50-day simple moving average of $667.85 and a 200 day simple moving average of $515.04. The stock has a market cap of $14.64 billion, a price-to-earnings ratio of -548.97 and a beta of 2.91.

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

Analyst Ratings Changes

SITM has been the subject of a number of recent analyst reports. Zacks Research lowered SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. The Goldman Sachs Group reissued a "buy" rating and issued a $800.00 price target on shares of SiTime in a report on Thursday, May 7th. Stifel Nicolaus raised their price objective on shares of SiTime from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. UBS Group boosted their price objective on shares of SiTime from $675.00 to $775.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Finally, Roth Capital reaffirmed a "buy" rating and set a $900.00 target price on shares of SiTime in a report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $661.88.

Insider Activity at SiTime

In related news, Director Christine Heckart sold 1,290 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total value of $903,000.00. Following the transaction, the director directly owned 790 shares in the company, valued at approximately $553,000. This represents a 62.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajesh Vashist sold 30,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $701.13, for a total transaction of $21,033,900.00. Following the completion of the sale, the chief executive officer directly owned 402,898 shares in the company, valued at $282,483,874.74. This represents a 6.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 69,709 shares of company stock valued at $50,230,546 in the last ninety days. Insiders own 1.40% of the company's stock.

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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