In a significant move, Russell Investments Group Ltd. increased its stake in SiTime Corporation by an astonishing 472.6% during the second quarter of 2023. This information emerged from the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). Following this acquisition, Russell Investments now holds 42,908 shares of SiTime, valued at approximately $9,143,000.
Several other institutional investors also adjusted their positions in SiTime. Notably, Game Plan Financial Advisors LLC entered the scene with a new stake valued at around $25,000. Additionally, Advisors Asset Management Inc. increased its holdings by 33.6% in the first quarter, owning 350 shares worth $54,000 after acquiring an additional 88 shares. Nisa Investment Advisors LLC expanded its stake by 183.0% in the second quarter, now owning 600 shares valued at $128,000. CWM LLC also raised its position by 36.2%, acquiring 617 shares worth $131,000.
The trend of increasing institutional ownership continues, with hedge funds and other institutional investors now holding 84.31% of SiTime’s stock.
Insider Transactions and Stock Performance
In related news, insider Fariborz Assaderaghi sold 3,000 shares of SiTime on September 4, 2023, at an average price of $231.75, totaling $695,250 for the transaction. Following this sale, Assaderaghi retained 90,433 shares, valued at approximately $20,957,847.75. This sale represents a 3.21% reduction in his ownership.
Similarly, CEO Rajesh Vashist sold 10,000 shares on November 6, 2023, at an average price of $329.00, amounting to $3,290,000. Post-transaction, Vashist holds 439,208 shares, valued at around $144,499,432, reflecting a 2.23% decrease in his stake. Between these transactions, insiders sold a total of 35,867 shares, valued at $10,353,753. Currently, company insiders own 2.30% of SiTime stock.
Market Performance and Future Outlook
As of November 8, 2023, SiTime shares opened at $307.90. The stock has demonstrated notable volatility, with a 50-day moving average of $289.70 and a 200-day moving average of $245.22. SiTime boasts a market capitalization of $8.04 billion and a PE ratio of -104.02, with a beta of 2.55. Over the past year, the stock has fluctuated between a low of $105.40 and a high of $386.00.
In its latest earnings report released on November 5, 2023, SiTime announced earnings per share (EPS) of $0.87, exceeding analysts’ expectations of $0.71. The company reported revenue of $83.57 million, surpassing estimates of $78.08 million. Although SiTime posted a negative return on equity of 5.69% and a negative net margin of 25.18%, its revenue represented a remarkable 44.8% increase compared to the same quarter last year.
Analysts project that SiTime will post an EPS of -2.44 for the current fiscal year, highlighting ongoing challenges in the market.
SiTime Corporation specializes in designing, developing, and selling silicon timing systems. The company operates internationally, catering to markets including communications, data centers, automotive, and aerospace. With its strong institutional backing and robust revenue growth, SiTime remains a compelling subject for investors and market analysts alike.
