Should You Expect Growth in SiTime Corporation (SITM)?
Renaissance Investment Management, an investment management company, released its “Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned 1.11% (net) compared to a 0.24% return for the Russell 2000 Growth Index and a -3.38% return for the S&P/Barra Small Cap 600 Growth. Stock selection in the information technology sector and underweight position and stock selection in the Real Estate sector led to the outperformance of the strategy in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Renaissance Investment highlighted stocks like SiTime Corporation (NASDAQ:SITM) in its Q3 2022 investor letter. Headquartered in Santa Clara, California, SiTime Corporation (NASDAQ:SITM) is a silicon timing systems provider. On December 29, 2022, SiTime Corporation (NASDAQ:SITM) stock closed at $102.31 per share. One-month return of SiTime Corporation (NASDAQ:SITM) was -1.79% and its shares lost 64.85% of their value over the last 52 weeks. SiTime Corporation (NASDAQ:SITM) has a market capitalization of $2.193 billion.
Renaissance Investment made the following comment about SiTime Corporation (NASDAQ:SITM) in its Q3 2022 investor letter:
“SiTime Corporation (NASDAQ:SITM) detracted the most from performance as the company saw macro-driven in[1]ventory adjustments and order pushouts primarily in its consumer end markets. Management expects revenues in the second half of the year to be flat with the first half. However, we do not believe the company is losing market share, as a majority of its products are sole-sourced. The company has a small share of a multi-billion-dollar market opportunity and is introducing new products at an accelerated pace. We see the company resuming growth once the inventory adjustment is complete and remain holders of the stock.”
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SiTime Corporation (NASDAQ:SITM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held SiTime Corporation (NASDAQ:SITM) at the end of the third quarter, which was 23 in the previous quarter.
We discussed SiTime Corporation (NASDAQ:SITM) in another article and shared Wasatch Global Investors' views on the company. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
