GSI Technology (NASDAQ:GSIT) Stock Rating Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of GSI Technology (NASDAQ:GSIT) from a sell rating to a strong sell rating in a research report released on Saturday,Wall Street Zen reports.

A number of other research firms have also issued reports on GSIT. Williams Trading set a $9.00 price target on GSI Technology in a research report on Monday, September 14th. Needham & Company LLC started coverage on GSI Technology in a research note on Monday, September 14th. They set a “buy” rating and a $9.00 price objective on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of GSI Technology in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $9.00.

GSI Technology Trading Up 1.8%

NASDAQ:GSIT opened at $5.61 on Friday. The company has a market cap of $215.59 million, a P/E ratio of -12.20 and a beta of 2.10. GSI Technology has a twelve month low of $3.57 and a twelve month high of $18.15. The company’s 50-day moving average price is $5.83 and its 200-day moving average price is $6.94.

GSI Technology (NASDAQ:GSIT) last announced its quarterly earnings data on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.06. GSI Technology had a negative net margin of 62.90% and a negative return on equity of 21.39%. The company had revenue of $6.31 million during the quarter, compared to analysts’ expectations of $7.30 million.

Institutional Trading of GSI Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in GSI Technology in the second quarter valued at approximately $77,000. Allworth Financial LP acquired a new stake in GSI Technology during the second quarter worth $86,000. Algert Global LLC acquired a new stake in GSI Technology during the second quarter worth $153,000. HB Wealth Management LLC purchased a new stake in GSI Technology in the second quarter valued at $155,000. Finally, Deutsche Bank AG purchased a new stake in GSI Technology in the second quarter valued at $243,000. Institutional investors and hedge funds own 33.15% of the company’s stock.

About GSI Technology

GSI Technology, Inc is a fabless semiconductor company that develops high-performance memory and computing solutions. The company is best known for its static random-access memory (SRAM) products, including synchronous SRAM devices designed for applications requiring fast data access, high bandwidth and reliable operation.

In addition to its memory products, GSI Technology develops associative processing technology for data-intensive workloads. Its Gemini associative processing units are designed to perform similarity searches and other computational tasks in parallel, supporting applications such as artificial intelligence, machine learning, cybersecurity, image and video analysis, and database acceleration.

Founded in 1995 and headquartered in Sunnyvale, California, GSI Technology serves customers in communications, networking, industrial, defense, aerospace and other technology markets.