GSI Technology (NASDAQ:GSIT) Share Price Passes Above 200-Day Moving Average – Here’s Why

GSI Technology, Inc. (NASDAQ:GSIT) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.35 and traded as high as $7.95. GSI Technology shares last traded at $7.93, with a volume of 1,137,241 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of GSI Technology in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

GSI Technology Price Performance

The stock has a market cap of $303.32 million, a price-to-earnings ratio of -19.34 and a beta of 2.00. The firm has a fifty day moving average of $8.09 and a 200 day moving average of $7.35.

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

Insider Transactions at GSI Technology

In related news, VP Didier Lasserre sold 30,000 shares of the 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 completion of the sale, the vice president owned 310,907 shares of the company’s stock, valued at approximately $2,894,544.17. This trade represents a 8.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Patrick T. Chuang sold 40,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $10.98, for a total value of $439,200.00. Following the completion of the sale, the vice president directly owned 15,166 shares of the company’s stock, valued at approximately $166,522.68. This represents a 72.51% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 452,389 shares of company stock valued at $4,946,853. 25.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GSI Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its stake 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 last quarter. Silverberg Bernstein Capital Management LLC increased its stake in GSI Technology by 1.4% during the first quarter. Silverberg Bernstein Capital Management LLC now owns 785,706 shares of the semiconductor company’s stock worth $4,039,000 after acquiring an additional 11,200 shares during the last quarter. Virtu Financial LLC acquired a new stake in GSI Technology during the fourth quarter worth $76,000. Millennium Management LLC acquired a new stake in GSI Technology during the fourth quarter worth $285,000. Finally, Concentric Capital Strategies LP acquired a new stake in GSI Technology during the fourth quarter worth $2,116,000. Institutional investors and hedge funds own 33.15% of the company’s stock.

GSI Technology Company Profile

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.