Douglas Schirle Sells 40,000 Shares of GSI Technology (NASDAQ:GSIT) Stock

GSI Technology, Inc. (NASDAQ:GSIT) CFO Douglas Schirle sold 40,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $11.32, for a total transaction of $452,800.00. Following the completion of the sale, the chief financial officer directly owned 69,046 shares of the company’s stock, valued at $781,600.72. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

GSI Technology Stock Down 11.4%

Shares of GSIT traded down $1.40 during trading hours on Thursday, hitting $10.86. The company had a trading volume of 4,298,294 shares, compared to its average volume of 2,090,414. GSI Technology, Inc. has a 52-week low of $2.82 and a 52-week high of $18.15. The stock’s 50 day moving average price is $7.22 and its 200 day moving average price is $7.26. The firm has a market cap of $393.02 million, a P/E ratio of -26.49 and a beta of 1.94.

GSI Technology (NASDAQ:GSIT) last posted its quarterly earnings results on Thursday, May 7th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. The business had revenue of $6.32 million for the quarter, compared to analyst estimates of $7.30 million. GSI Technology had a negative return on equity of 24.91% and a negative net margin of 52.73%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC bought a new stake in GSI Technology in the fourth quarter valued at $81,000. NewEdge Advisors LLC bought a new position in GSI Technology in the 3rd quarter worth $68,000. Prelude Capital Management LLC bought a new position in GSI Technology in the 3rd quarter worth $52,000. Algert Global LLC purchased a new stake in shares of GSI Technology in the 3rd quarter worth about $88,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of GSI Technology during the 3rd quarter valued at about $69,000. Hedge funds and other institutional investors 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.