GSI Technology, Inc. (NASDAQ:GSIT) Sees Large Increase in Short Interest
by Teresa Graham · The Cerbat GemGSI Technology, Inc. (NASDAQ:GSIT – Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totaling 2,157,824 shares, an increase of 21.8% from the March 15th total of 1,772,190 shares. Based on an average daily trading volume, of 1,438,912 shares, the short-interest ratio is currently 1.5 days. Approximately 8.0% of the shares of the company are short sold.
Analyst Ratings Changes
Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.
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GSI Technology Stock Up 1.1%
Shares of GSIT opened at $6.48 on Friday. The stock has a market cap of $234.51 million, a price-to-earnings ratio of -17.51 and a beta of 1.67. GSI Technology has a 12 month low of $2.50 and a 12 month high of $18.15. The company has a 50-day moving average price of $6.71 and a two-hundred day moving average price of $7.04.
GSI Technology (NASDAQ:GSIT – Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The semiconductor company reported ($0.09) EPS for the quarter. The business had revenue of $6.08 million for the quarter. GSI Technology had a negative return on equity of 22.69% and a negative net margin of 43.15%.
Insider Activity at GSI Technology
In related news, VP Bor-Tay Wu sold 40,000 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $8.66, for a total value of $346,400.00. Following the completion of the sale, the vice president owned 912,500 shares in the company, valued at approximately $7,902,250. This trade represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Patrick T. Chuang sold 20,000 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $8.37, for a total transaction of $167,400.00. Following the completion of the sale, the vice president owned 15,166 shares of the company’s stock, valued at approximately $126,939.42. The trade was a 56.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 127,251 shares of company stock worth $1,187,290. Company insiders own 25.40% of the company’s stock.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC bought a new position in GSI Technology during the fourth quarter worth about $31,000. R Squared Ltd bought a new position in shares of GSI Technology in the third quarter valued at approximately $38,000. Osaic Holdings Inc. raised its stake in shares of GSI Technology by 52.1% in the second quarter. Osaic Holdings Inc. now owns 12,012 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 4,112 shares during the last quarter. Bank of America Corp DE raised its stake in shares of GSI Technology by 8,247.6% in the second quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 13,526 shares during the last quarter. Finally, Prelude Capital Management LLC bought a new position in shares of GSI Technology in the third quarter valued at approximately $52,000. Institutional investors own 33.15% of the company’s stock.
GSI Technology Company Profile
GSI Technology, Inc is a fabless semiconductor company specializing in the design and development of high-performance memory products. Headquartered in Sunnyvale, California, the company was founded in 1995 and has focused its efforts on content addressable memory (CAM) and high-speed SRAM (static random-access memory) solutions. As a publicly traded company listed on NASDAQ under the ticker GSIT, GSI Technology leverages advanced architectures to meet demanding data-processing requirements.
The company’s core product portfolio includes ternary CAM (TCAM) devices, binary CAM (BCAM) devices and high-speed synchronous SRAM.