GSI Technology’s (GSIT) Buy Rating Reiterated at Needham & Company LLC
by Amy Steele · The Cerbat GemGSI Technology (NASDAQ:GSIT – Get Free Report)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $9.00 target price on the semiconductor company’s stock. Needham & Company LLC‘s price target indicates a potential upside of 118.98% from the company’s previous close.
Several other research analysts have also issued reports on the company. Wall Street Zen raised GSI Technology from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 10th. Williams Trading set a $9.00 target price on GSI Technology in a research report on Monday, September 14th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GSI Technology in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.00.
Check Out Our Latest Report on GSIT
GSI Technology Stock Performance
GSIT stock opened at $4.11 on Thursday. GSI Technology has a fifty-two week low of $3.90 and a fifty-two week high of $13.70. The company has a market capitalization of $157.95 million, a price-to-earnings ratio of -8.93 and a beta of 2.11. The business’s 50 day moving average price is $5.38 and its two-hundred day moving average price is $6.70.
GSI Technology (NASDAQ:GSIT – Get Free Report) last announced its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. GSI Technology had a negative return on equity of 21.39% and a negative net margin of 62.90%. The firm had revenue of $6.31 million during the quarter, compared to analyst estimates of $7.30 million.
Institutional Trading of GSI Technology
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in GSI Technology during the 2nd quarter valued at approximately $18,551,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in GSI Technology during the second quarter valued at $2,385,000. GSA Capital Partners LLP purchased a new position in GSI Technology during the second quarter valued at $1,377,000. Bank of America Corp DE raised its stake in GSI Technology by 535.5% during the first quarter. Bank of America Corp DE now owns 97,677 shares of the semiconductor company’s stock valued at $502,000 after buying an additional 82,308 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in GSI Technology during the second quarter valued at $538,000. Hedge funds and other institutional investors own 33.15% of the company’s stock.
About GSI Technology
GSI Technology, Inc is a semiconductor company that develops and markets high-performance memory and computing solutions. Its products are designed for applications that require fast data access, reliable operation and high bandwidth, including communications infrastructure, networking equipment, industrial systems, aerospace and defense applications.
The company’s product portfolio has historically centered on static random-access memory (SRAM), including synchronous and high-speed memory devices sold under product families such as SigmaQuad and SigmaDDR.