GSI Technology (NASDAQ:GSIT) Earns “Buy” Rating from Needham & Company LLC

GSI Technology (NASDAQ:GSIT)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $9.00 price objective on the semiconductor company’s stock. Needham & Company LLC‘s target price points to a potential upside of 133.16% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of GSI Technology in a report on Thursday, October 15th. Wall Street Zen raised GSI Technology from a “strong sell” rating to a “sell” rating in a report on Saturday, October 10th. Finally, Williams Trading set a $9.00 target price on GSI Technology in a report on Monday, September 14th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $9.00.

GSI Technology Stock Down 6.1%

Shares of GSI Technology stock traded down $0.25 during trading on Thursday, reaching $3.86. 340,762 shares of the stock were exchanged, compared to its average volume of 1,122,985. The stock’s fifty day moving average is $5.38 and its 200 day moving average is $6.70. The firm has a market cap of $148.34 million, a price-to-earnings ratio of -8.39 and a beta of 2.11. GSI Technology has a 1 year low of $3.80 and a 1 year high of $13.30.

GSI Technology (NASDAQ:GSIT) last announced its quarterly earnings data on Thursday, July 30th. The semiconductor company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.06. The firm had revenue of $6.31 million for the quarter, compared to the consensus estimate of $7.30 million. GSI Technology had a negative net margin of 62.90% and a negative return on equity of 21.39%.

Institutional Investors Weigh In On GSI Technology

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

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.