Katherine Schuelke, a director at SITIME Corp (NASDAQ:SITM), recently sold 6,933 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a weighted average price of $227.85, resulting in a total transaction value of approximately $1.58 million. The sale comes as InvestingPro data shows SITM trading near its 52-week high, with the stock's RSI indicating overbought conditions. The sale occurred on December 6, 2024, with the shares being sold in multiple transactions at prices ranging from $220.95 to $233.01. Following this transaction, Schuelke holds 10,830 shares, including 2,115 shares from restricted stock units that have not yet vested. InvestingPro analysis reveals the company maintains strong financial health with cash exceeding debt and liquid assets surpassing short-term obligations. Subscribers can access 15+ additional ProTips and a comprehensive Pro Research Report for deeper insights into SITM's valuation and growth prospects.
In other recent news, SiTime Corporation (NASDAQ:SITM) reported a substantial year-over-year revenue increase of 62% for Q3 2024, totaling $57.7 million. The company's net income made up 17% of this revenue. During the earnings call, CEO Rajesh Vashist and CFO Beth Howe shared expectations for continued growth in the Communications Enterprise and Data Center segment, and the initiation of volume shipments in the electric vehicle sector in 2025. SiTime also projected Q4 2024 revenue between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%.
Furthermore, SiTime anticipates a significant role for its precision timing technology in high-speed connectivity applications and is developing advanced global navigation satellite systems for the automotive and aerospace sectors. The company expects its revenue growth to significantly surpass operating expenses due to strategic investments. However, a typical seasonal revenue decline of 20% from Q4 to Q1 is expected.
Lastly, SiTime has identified approximately 300 applications for its technology across various sectors and expects clocking revenue to reach $100 million in the coming years. The company's total addressable market for its technology is estimated around $10 billion, with a serviceable addressable market of approximately $3 billion. These are among the recent developments for SiTime Corporation.
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