GSI Technology (NASDAQ:GSIT) Earns Buy Rating from Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of GSI Technology (NASDAQ:GSIT) in a report released on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $9.00 price target on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on GSIT. Wall Street Zen cut shares of GSI Technology from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Weiss Ratings restated a “sell (d-)” rating on shares of GSI Technology in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $9.00.

GSI Technology Stock Performance

Shares of GSI Technology stock opened at $4.80 on Monday. The company has a market capitalization of $184.46 million, a PE ratio of -10.43 and a beta of 2.10. The company has a 50-day simple moving average of $5.91 and a two-hundred day simple moving average of $7.07. GSI Technology has a one year low of $3.32 and a one year high of $18.15.

GSI Technology (NASDAQ:GSIT) last announced its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.06. The company had revenue of $6.31 million during 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%.

Hedge Funds Weigh In On GSI Technology

A number of institutional investors have recently bought and sold shares of GSIT. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of GSI Technology in the second quarter worth $77,000. Allworth Financial LP acquired a new position in GSI Technology during the second quarter valued at $86,000. Algert Global LLC purchased a new stake in GSI Technology in the second quarter valued at $153,000. HB Wealth Management LLC purchased a new stake in GSI Technology in the second quarter valued at $155,000. Finally, Deutsche Bank AG acquired a new stake in GSI Technology during the 2nd quarter worth about $243,000. 33.15% of the stock is owned by hedge funds and other institutional investors.

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.