On August 7, SiTime Corp rose 7.2% in regular trading, trading at $756.02/share, with turnover of $52.619 million. The gain was driven by UBS raising its price target on the stock from $775 to $840 while maintaining a Buy rating, extending bullish sentiment following a blowout Q2 earnings report.

According to FactSet, the average analyst rating on SiTime is overweight, with a mean price target of $864.38. The company reported Q2 adjusted earnings of $2.34 per diluted share, far exceeding the consensus estimate of $1.95 and surging 398% year-over-year. Revenue came in at $157.4 million, beating the expected $146.5 million and rising 126% from the prior year.

On the fundamental side, SiTime completed its acquisition of Renesas Electronics' timing business on July 1, an asset expected to generate at least $300 million in annual revenue. The company stated this deal accelerates its path toward $1 billion in revenue, supported by a newly secured $200 million senior secured revolving credit facility.

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