SiTime Corporation (SITM) Declined in Q3 on Earning Guidance
Wasatch Global Investors, an asset management company, released its “Wasatch Small Cap Growth Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy underperformed its benchmark indexes, the Russell 2000 Growth Index and the Russell 2000 Index. The weakness of investments in health care, information technology (IT), and industrials was responsible for the underperformance of the strategy in the quarter relative to the Russell 2000 Growth Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Wasatch Global Investors highlighted stocks like SiTime Corporation (NASDAQ:SITM) in the Q3 2022 investor letter. Headquartered in Santa Clara, California, SiTime Corporation (NASDAQ:SITM) offers silicon timing systems solutions. On December 8, 2022, SiTime Corporation (NASDAQ:SITM) stock closed at $106.11 per share. One-month return of SiTime Corporation (NASDAQ:SITM) was -1.27%, and its shares lost 63.11% of their value over the last 52 weeks. SiTime Corporation (NASDAQ:SITM) has a market capitalization of $2.275 billion.
Wasatch Global Investors made the following comment about SiTime Corporation (NASDAQ:SITM) in its Q3 2022 investor letter:
“Another detractor was SiTime Corporation (NASDAQ:SITM), a developer of silicon-based timing components— which we believe are superior to less-expensive quartz-based components. The stock was down because the company lowered earnings guidance based on temporarily weaker consumer demand. We recently visited SiTime in Santa Clara, California, and came away even more optimistic that consumer demand will rebound over the long term. Additionally, the company doesn’t have many supply-chain challenges because it has greater in-house control of its manufacturing processes compared to typical electronics businesses."
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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 the best best small-cap semiconductor stocks to invest in. 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.
