GSI Technology (NASDAQ:GSIT) Stock Keeps “Buy” Rating at Needham & Company LLC

GSI Technology (NASDAQ:GSIT)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They presently have a $9.00 target price 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.

Several other brokerages also recently commented on GSIT. Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a research note on Thursday, October 15th. Wall Street Zen upgraded GSI Technology from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 10th. Finally, Williams Trading set a $9.00 target price on GSI Technology in a research note on Monday, September 14th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.00.

GSI Technology Stock Performance

Shares of NASDAQ GSIT opened at $4.11 on Thursday. The firm’s 50 day moving average price is $5.38 and its 200-day moving average price is $6.70. The company has a market cap of $157.95 million, a PE ratio of -8.93 and a beta of 2.11. GSI Technology has a 52-week low of $3.90 and a 52-week high of $13.70.

GSI Technology (NASDAQ:GSIT) last issued its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, topping 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%.

Hedge Funds Weigh In On GSI Technology

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