GSI Technology (NASDAQ:GSIT) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

GSI Technology, Inc. (NASDAQ:GSIT) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $7.42 and traded as high as $7.77. GSI Technology shares last traded at $7.73, with a volume of 1,598,708 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on GSIT. Weiss Ratings restated a “sell (d-)” rating on shares of GSI Technology in a report on Tuesday, April 21st. Wall Street Zen lowered shares of GSI Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Sell”.

GSI Technology Trading Down 6.2%

The company has a market capitalization of $260.87 million, a price-to-earnings ratio of -16.63 and a beta of 2.06. The firm’s 50 day moving average price is $8.51 and its two-hundred day moving average price is $7.43.

GSI Technology (NASDAQ:GSIT) last posted its earnings results on Thursday, May 7th. The semiconductor company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $6.32 million for the quarter, compared to analyst estimates of $7.30 million.

Insider Activity at GSI Technology

In related news, VP Bor-Tay Wu sold 20,000 shares of GSI Technology stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $10.93, for a total transaction of $218,600.00. Following the completion of the sale, the vice president owned 912,500 shares of the company’s stock, valued at approximately $9,973,625. The trade was a 2.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Ping Tak Wu sold 30,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $11.01, for a total transaction of $330,300.00. Following the completion of the transaction, the vice president owned 148,441 shares in the company, valued at approximately $1,634,335.41. This trade represents a 16.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 385,138 shares of company stock worth $4,273,363 in the last quarter. 25.40% of the stock is owned by corporate insiders.

Institutional Trading of GSI Technology

Institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE increased its position in GSI Technology by 535.5% during the 1st quarter. Bank of America Corp DE now owns 97,677 shares of the semiconductor company’s stock worth $502,000 after buying an additional 82,308 shares during the period. Silverberg Bernstein Capital Management LLC increased its position 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 period. Virtu Financial LLC acquired a new stake in GSI Technology in the 4th quarter worth about $76,000. Millennium Management LLC bought a new stake in GSI Technology in the 4th quarter valued at about $285,000. Finally, Concentric Capital Strategies LP acquired a new position in shares of GSI Technology during the 4th quarter worth approximately $2,116,000. 33.15% of the stock is currently owned by institutional investors.

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.