GSI Technology (NASDAQ:GSIT) Stock Rating Lowered by Wall Street Zen

GSI Technology (NASDAQ:GSIT) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday, Wall Street Zen reports.

A number of other brokerages also recently issued reports on GSIT. Williams Trading set a $9.00 price target on GSI Technology in a report on Monday, September 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GSI Technology in a research note on Friday, July 17th. Finally, Needham & Company LLC initiated coverage on shares of GSI Technology in a report on Monday, September 14th. They set a “buy” rating and a $9.00 target price for the company. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $9.00.

GSI Technology Price Performance

GSI Technology stock opened at $5.61 on Friday. GSI Technology has a 1-year low of $3.57 and a 1-year high of $18.15. The business has a fifty day moving average price of $5.83 and a 200-day moving average price of $6.93. The stock has a market capitalization of $215.59 million, a price-to-earnings ratio of -12.20 and a beta of 2.10.

GSI Technology (NASDAQ:GSIT) last released its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $7.30 million.

Institutional Investors Weigh In On GSI Technology

A number of hedge funds have recently modified their holdings of GSIT. HB Wealth Management LLC acquired a new stake in shares of GSI Technology in the 2nd quarter worth $155,000. Bank of America Corp DE acquired a new position in shares of GSI Technology during the 2nd quarter valued at about $448,000. Canada Pension Plan Investment Board acquired a new position in shares of GSI Technology during the 2nd quarter valued at about $257,000. Algert Global LLC purchased a new stake in shares of GSI Technology in the second quarter valued at about $153,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of GSI Technology in the second quarter valued at about $2,385,000. 33.15% of the stock is currently owned by institutional investors and hedge funds.

About GSI Technology

GSI Technology, Inc is a fabless semiconductor company that develops high-performance memory and computing solutions. The company is best known for its static random-access memory (SRAM) products, including synchronous SRAM devices designed for applications requiring fast data access, high bandwidth and reliable operation.

In addition to its memory products, GSI Technology develops associative processing technology for data-intensive workloads. Its Gemini associative processing units are designed to perform similarity searches and other computational tasks in parallel, supporting applications such as artificial intelligence, machine learning, cybersecurity, image and video analysis, and database acceleration.

Founded in 1995 and headquartered in Sunnyvale, California, GSI Technology serves customers in communications, networking, industrial, defense, aerospace and other technology markets.