GSI Technology (NASDAQ:GSIT) Issues Earnings Results

GSI Technology (NASDAQ:GSIT) announced its earnings results on Thursday. The semiconductor company reported ($0.09) earnings per share (EPS) for the quarter, Zacks reports. GSI Technology had a negative net margin of 48.54% and a negative return on equity of 34.79%.

GSI Technology Stock Performance

GSI Technology stock traded down $0.31 during mid-day trading on Thursday, reaching $7.54. 1,889,571 shares of the company were exchanged, compared to its average volume of 1,770,697. The firm has a market cap of $265.71 million, a P/E ratio of -17.14 and a beta of 1.46. The business has a fifty day moving average of $6.84 and a 200 day moving average of $5.84. GSI Technology has a 12-month low of $1.62 and a 12-month high of $18.15.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of GSI Technology in a report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, GSI Technology currently has an average rating of “Sell”.

Insiders Place Their Bets

In other GSI Technology news, VP Patrick T. Chuang sold 40,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $8.66, for a total value of $346,400.00. Following the completion of the transaction, the vice president directly owned 15,166 shares in the company, valued at approximately $131,337.56. The trade was a 72.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Avidan Akerib sold 54,732 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $8.54, for a total transaction of $467,411.28. Following the completion of the sale, the vice president owned 23,307 shares in the company, valued at $199,041.78. This represents a 70.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 230,018 shares of company stock valued at $2,038,150 over the last 90 days. 25.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GSIT. Osaic Holdings Inc. grew its position in GSI Technology by 52.1% during the 2nd quarter. Osaic Holdings Inc. now owns 12,012 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 4,112 shares during the period. Bank of America Corp DE raised its position in GSI Technology by 8,247.6% during the second quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 13,526 shares in the last quarter. Prelude Capital Management LLC acquired a new position in GSI Technology in the third quarter valued at approximately $52,000. NewEdge Advisors LLC purchased a new stake in GSI Technology in the 3rd quarter worth approximately $68,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of GSI Technology during the 3rd quarter worth approximately $69,000. 33.15% of the stock is owned by institutional investors and hedge funds.

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.