In a recent stock transaction, Lionel Bonnot, the Executive Vice President of Worldwide Sales and Business Development at SITime Corp (NASDAQ:SITM), sold a significant portion of his holdings. The transaction, which took place on December 11, involved the sale of 6,177 shares of common stock. The timing is notable as InvestingPro data shows SITM trading near its 52-week high of $264.50, with the stock posting an impressive 19% gain in the past week alone. The shares were sold at a weighted average price of $254.03, generating a total of approximately $1.57 million.
The sale was conducted over multiple transactions, with prices ranging from $245.00 to $263.29 per share. Following this transaction, Bonnot retains ownership of 76,036 shares of SITime Corp, including a substantial number of unvested restricted stock units and performance-based restricted stock units, as detailed in the company's filing.
In other recent news, SiTime Corporation (NASDAQ:SITM) has reported a significant 62% year-over-year revenue increase in its third quarter of 2024, reaching $57.7 million. The company's net income represented 17% of its revenue. SiTime's Communications Enterprise and Data Center (CED) segment saw a substantial growth of 233% year-over-year, with expectations for continued growth in this segment into 2025 driven by AI server demand. The company anticipates the commencement of volume shipments for the electric vehicle sector in 2025.
For the fourth quarter of 2024, SiTime projects revenue between $63 million and $65 million, with non-GAAP gross margins around 58% to 58.5%. Non-GAAP EPS for Q4 2024 is expected between $0.39 and $0.45 per share. The company's total addressable market (TAM) for its technology is around $10 billion, with a serviceable addressable market (SAM) of approximately $3 billion.
SiTime is also engaged in developing advanced global navigation satellite systems (GNSS) for the automotive and aerospace sectors. Despite expecting a typical seasonal revenue decline of 20% from Q4 to Q1, the company remains optimistic about its growth trajectory due to strategic investments and its strong financial performance.
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