GSI Technology (NASDAQ:GSIT) Shares Cross Above 200 Day Moving Average – Here’s Why

Shares of GSI Technology, Inc. (NASDAQ:GSIT) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.90 and traded as high as $2.93. GSI Technology shares last traded at $2.87, with a volume of 104,150 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of GSI Technology from a “hold” rating to a “sell” rating in a report on Monday, October 28th.

GSI Technology Trading Up 2.1 %

The stock has a market capitalization of $74.67 million, a P/E ratio of -4.88 and a beta of 0.96. The company has a 50-day moving average price of $3.07 and a 200 day moving average price of $2.90.

GSI Technology (NASDAQ:GSIT) last posted its earnings results on Thursday, October 24th. The semiconductor company reported ($0.21) EPS for the quarter. GSI Technology had a negative net margin of 77.71% and a negative return on equity of 54.03%. The firm had revenue of $4.55 million for the quarter.

Hedge Funds Weigh In On GSI Technology

Several large investors have recently made changes to their positions in GSIT. American Century Companies Inc. grew its stake in GSI Technology by 42.3% in the 2nd quarter. American Century Companies Inc. now owns 19,827 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 5,890 shares during the period. Geode Capital Management LLC raised its position in shares of GSI Technology by 19.0% during the 3rd quarter. Geode Capital Management LLC now owns 205,116 shares of the semiconductor company’s stock worth $626,000 after purchasing an additional 32,711 shares during the last quarter. Finally, Silverberg Bernstein Capital Management LLC boosted its stake in shares of GSI Technology by 1.3% in the third quarter. Silverberg Bernstein Capital Management LLC now owns 471,986 shares of the semiconductor company’s stock worth $1,440,000 after acquiring an additional 6,012 shares during the last quarter. 33.15% of the stock is currently owned by institutional investors and hedge funds.

GSI Technology Company Profile

GSI Technology, Inc designs, develops, and markets semiconductor memory solutions to networking, industrial, medical, aerospace, and military customers in the United States, China, Singapore, Germany, the Netherlands, and internationally. It offers associative processing unit products, which are focuses on applications using similarity search in visual search queries for ecommerce, computer vision, drug discovery, cyber security, and service markets.