GSI Technology (NASDAQ:GSIT) Stock Rating Reaffirmed as “Buy” by Needham & Company LLC

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

Several other equities analysts also recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a report on Thursday, October 15th. Wall Street Zen raised 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 research note on Monday, September 14th. 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.com, GSI Technology presently has an average rating of “Hold” and a consensus price target of $9.00.

GSI Technology Stock Performance

Shares of GSIT traded down $0.25 during trading hours on Thursday, hitting $3.86. 340,762 shares of the company were exchanged, compared to its average volume of 1,122,985. The company has a market cap of $148.34 million, a PE ratio of -8.39 and a beta of 2.11. The firm’s 50 day moving average is $5.38 and its 200-day moving average is $6.70. GSI Technology has a 52 week low of $3.80 and a 52 week high of $13.30.

GSI Technology (NASDAQ:GSIT) last issued its quarterly earnings data on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $6.31 million for the quarter, compared to the consensus estimate of $7.30 million.

Institutional Trading of GSI Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of GSI Technology during the second quarter worth approximately $18,551,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of GSI Technology in the second quarter worth $2,385,000. GSA Capital Partners LLP acquired a new stake in shares of GSI Technology in the second quarter worth $1,377,000. Bank of New York Mellon Corp acquired a new stake in shares of GSI Technology in the second quarter worth $538,000. Finally, Bank of America Corp DE increased its position in 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 worth $502,000 after acquiring an additional 82,308 shares during the period. Institutional investors and hedge funds own 33.15% of the company’s stock.

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.