Needham & Company LLC Reaffirms Buy Rating for GSI Technology (NASDAQ:GSIT)

GSI Technology (NASDAQ:GSIT)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $9.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 118.98% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a report on Thursday, October 15th. Wall Street Zen upgraded shares of 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 shares of GSI Technology in a report on Monday, September 14th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, GSI Technology has a consensus rating of “Hold” and an average price target of $9.00.

GSI Technology Stock Up 2.0%

Shares of GSIT opened at $4.11 on Thursday. The business’s fifty day moving average is $5.38 and its 200 day moving average is $6.70. GSI Technology has a 12-month low of $3.90 and a 12-month high of $13.70. The stock has a market cap of $157.95 million, a P/E ratio of -8.93 and a beta of 2.11.

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

Hedge Funds Weigh In On GSI Technology

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in GSI Technology during the 2nd quarter worth $18,551,000. 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. GSA Capital Partners LLP purchased a new stake in shares of GSI Technology in the second quarter valued at about $1,377,000. Bank of America Corp DE lifted its position in shares of 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 purchasing an additional 82,308 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of GSI Technology during the second quarter valued at about $538,000. 33.15% of the stock is currently owned by institutional investors.

GSI Technology Company Profile

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.