GSI Technology’s (GSIT) “Buy” Rating Reiterated at Needham & Company LLC

GSI Technology (NASDAQ:GSIT)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Thursday, Benzinga reports. They presently have a $9.00 target price on the semiconductor company’s stock. Needham & Company LLC‘s target price would suggest a potential upside of 124.78% from the stock’s previous close.

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

GSI Technology Trading Down 2.6%

GSI Technology stock opened at $4.00 on Thursday. GSI Technology has a 12 month low of $3.90 and a 12 month high of $13.30. The stock has a fifty day simple moving average of $5.38 and a two-hundred day simple moving average of $6.70. The firm has a market cap of $153.87 million, a price-to-earnings ratio of -8.66 and a beta of 2.11.

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

Institutional Investors Weigh In On GSI Technology

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

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.