GSI Technology (NASDAQ:GSIT) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

GSI Technology, Inc. (NASDAQ:GSIT) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $7.42 and traded as high as $7.77. GSI Technology shares last traded at $7.73, with a volume of 1,598,708 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of GSI Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell”.

GSI Technology Trading Up 12.8%

The company has a 50 day simple moving average of $8.50 and a 200-day simple moving average of $7.42. The stock has a market cap of $295.67 million, a price-to-earnings ratio of -18.85 and a beta of 2.00.

GSI Technology (NASDAQ:GSIT) last posted its quarterly earnings data on Thursday, May 7th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.06. The company had revenue of $6.32 million during the quarter, compared to analysts’ expectations of $7.30 million. GSI Technology had a negative return on equity of 21.96% and a negative net margin of 52.73%.

Insider Transactions at GSI Technology

In other GSI Technology news, VP Didier Lasserre sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $9.31, for a total value of $279,300.00. Following the sale, the vice president owned 310,907 shares in the company, valued at approximately $2,894,544.17. The trade was a 8.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Douglas Schirle sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $11.32, for a total value of $452,800.00. Following the transaction, the chief financial officer directly owned 69,046 shares of the company’s stock, valued at approximately $781,600.72. This trade represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 385,138 shares of company stock worth $4,273,363. Corporate insiders own 25.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GSIT. Marshall Wace LLP grew its position in GSI Technology by 112.7% in the fourth quarter. Marshall Wace LLP now owns 727,077 shares of the semiconductor company’s stock valued at $4,515,000 after purchasing an additional 385,185 shares in the last quarter. Concentric Capital Strategies LP bought a new stake in GSI Technology during the 4th quarter worth about $2,116,000. UBS Group AG lifted its position in GSI Technology by 9,603.2% during the 3rd quarter. UBS Group AG now owns 167,672 shares of the semiconductor company’s stock worth $617,000 after buying an additional 165,944 shares in the last quarter. Jane Street Group LLC lifted its position in GSI Technology by 270.3% during the 4th quarter. Jane Street Group LLC now owns 221,094 shares of the semiconductor company’s stock worth $1,373,000 after buying an additional 161,380 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of GSI Technology during the 2nd quarter worth about $535,000. Institutional investors and hedge funds own 33.15% of the company’s stock.

About GSI Technology

GSI Technology, Inc is a fabless semiconductor company specializing in the design and development of high-performance memory products. Headquartered in Sunnyvale, California, the company was founded in 1995 and has focused its efforts on content addressable memory (CAM) and high-speed SRAM (static random-access memory) solutions. As a publicly traded company listed on NASDAQ under the ticker GSIT, GSI Technology leverages advanced architectures to meet demanding data-processing requirements.

The company’s core product portfolio includes ternary CAM (TCAM) devices, binary CAM (BCAM) devices and high-speed synchronous SRAM.