Y Intercept Hong Kong Ltd Makes New Investment in SiTime Corporation $SITM

Key Points

• Y Intercept Hong Kong Ltd initiated a new position in SiTime during the first quarter, buying 5,070 shares valued at about $1.75 million.
• SiTime reported strong quarterly results, with EPS of $1.44 and revenue of $113.57 million, both ahead of analyst expectations; revenue also rose 88.3% year over year.
• Analysts remain mostly positive on the stock after recent upgrades and price target increases, though insider selling has been notable, including sales by director Christine Heckart and insider Fariborz Assaderaghi.

Y Intercept Hong Kong Ltd purchased a new position in shares of SiTime Corporation (NASDAQ:SITM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 5,070 shares of the company's stock, valued at approximately $1,751,000.

Several other large investors also recently modified their holdings of SITM. Pictet Asset Management Holding SA grew its holdings in shares of SiTime by 7.7% during the first quarter. Pictet Asset Management Holding SA now owns 3,506 shares of the company's stock worth $1,211,000 after purchasing an additional 250 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of SiTime during the 1st quarter valued at $292,000. Louisiana State Employees Retirement System bought a new stake in SiTime in the first quarter valued at about $2,210,000. Atlas Brown Inc. increased its stake in SiTime by 2.2% during the 1st quarter. Atlas Brown Inc. now owns 2,342 shares of the company's stock worth $809,000 after purchasing an additional 50 shares in the last quarter. Finally, Diversified Trust Co acquired a new stake in shares of SiTime during the first quarter worth $327,000. 84.31% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Christine Heckart sold 1,290 shares of the company's stock in a transaction 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 completion of the sale, the director owned 790 shares of the company's stock, valued at approximately $553,000. This represents a 62.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Fariborz Assaderaghi sold 1,000 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $702.90, for a total transaction of $702,900.00. Following the sale, the insider owned 78,936 shares of the company's stock, valued at approximately $55,484,114.40. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 72,128 shares of company stock valued at $51,401,463 over the last three months. Corporate insiders own 1.40% of the company's stock.

SiTime Stock Up 5.9%

Shares of SiTime stock opened at $648.15 on Friday. The business has a 50 day moving average price of $701.13 and a 200-day moving average price of $498.00. SiTime Corporation has a 52 week low of $186.49 and a 52 week high of $901.81. The company has a market cap of $17.11 billion, a PE ratio of -641.73 and a beta of 2.91.

SiTime (NASDAQ:SITM - Get Free Report) last issued its quarterly 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. The company 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 firm's quarterly revenue was up 88.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.26 EPS. As a group, research analysts anticipate that SiTime Corporation will post 3.23 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SITM shares. Barclays upgraded shares of SiTime from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $400.00 to $850.00 in a research note on Thursday, May 7th. Zacks Research downgraded SiTime from a "strong-buy" rating to a "hold" rating in a report on Monday. The Goldman Sachs Group restated a "buy" rating and set a $800.00 price objective on shares of SiTime in a report on Thursday, May 7th. Needham & Company LLC upped their price target on shares of SiTime from $450.00 to $850.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Finally, Roth Capital restated a "buy" rating and set a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $661.88.

SiTime Company 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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