BIT Capital GmbH Acquires New Position in SiTime Corporation $SITM

BIT Capital GmbH purchased a new position in shares of SiTime Corporation (NASDAQ:SITM) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 16,150 shares of the company’s stock, valued at approximately $5,704,000.

A number of other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its holdings in SiTime by 3.9% during the fourth quarter. Principal Financial Group Inc. now owns 363,953 shares of the company’s stock worth $128,545,000 after buying an additional 13,577 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its holdings in SiTime by 145.9% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 12,215 shares of the company’s stock worth $3,681,000 after buying an additional 7,247 shares in the last quarter. Cibc World Market Inc. bought a new stake in SiTime during the third quarter worth approximately $2,259,000. Royce & Associates LP boosted its holdings in SiTime by 95.0% during the third quarter. Royce & Associates LP now owns 54,476 shares of the company’s stock worth $16,414,000 after buying an additional 26,538 shares in the last quarter. Finally, HighTower Advisors LLC boosted its holdings in SiTime by 95.8% during the third quarter. HighTower Advisors LLC now owns 30,368 shares of the company’s stock worth $9,151,000 after buying an additional 14,859 shares in the last quarter. Hedge funds and other institutional investors own 84.31% of the company’s stock.

Analyst Upgrades and Downgrades

SITM has been the subject of a number of research reports. Needham & Company LLC raised their target price on shares of SiTime from $450.00 to $850.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Roth Mkm reaffirmed a “buy” rating and issued a $900.00 price objective on shares of SiTime in a research note on Thursday, May 7th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $800.00 price objective on shares of SiTime in a research note on Thursday, May 7th. Barclays raised shares of SiTime from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $400.00 to $850.00 in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SiTime in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SiTime has an average rating of “Moderate Buy” and an average target price of $661.88.

Insider Buying and Selling at SiTime

In other news, insider Fariborz Assaderaghi sold 1,709 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $731.49, for a total transaction of $1,250,116.41. Following the transaction, the insider owned 81,436 shares in the company, valued at approximately $59,569,619.64. This trade represents a 2.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Christine Heckart sold 1,290 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $700.00, for a total transaction of $903,000.00. Following the transaction, the director owned 790 shares in the company, valued at $553,000. This represents a 62.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 52,624 shares of company stock worth $35,942,053 in the last ninety days. Company insiders own 1.40% of the company’s stock.

SiTime Trading Down 11.5%

SiTime stock opened at $625.68 on Friday. The company has a market capitalization of $16.52 billion, a P/E ratio of -619.49 and a beta of 2.94. The firm’s fifty 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) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates 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%. SiTime’s revenue for the quarter was up 88.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. On average, equities research analysts predict that SiTime Corporation will post 3.23 earnings per share for the current year.

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.