GSI Technology (NASDAQ:GSIT) Coverage Initiated by Analysts at Needham & Company LLC

Equities research analysts at Needham & Company LLC started coverage on shares of GSI Technology (NASDAQ:GSIT) in a research report issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $9.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 76.13% from the stock’s current price.

GSIT has been the topic of several other research reports. Weiss Ratings restated a “sell (d-)” rating on shares of GSI Technology in a report on Friday, July 17th. Wall Street Zen cut shares of GSI Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.00.

GSI Technology Stock Performance

NASDAQ:GSIT opened at $5.11 on Monday. The firm’s fifty day simple moving average is $6.01 and its 200 day simple moving average is $7.12. The firm has a market capitalization of $196.38 million, a PE ratio of -11.11 and a beta of 2.10. GSI Technology has a 1 year low of $3.23 and a 1 year high of $18.15.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in GSI Technology in the 2nd quarter valued at $18,551,000. Marshall Wace LLP increased its stake in shares of GSI Technology by 112.7% in the fourth quarter. Marshall Wace LLP now owns 727,077 shares of the semiconductor company’s stock valued at $4,515,000 after buying an additional 385,185 shares in the last quarter. Concentric Capital Strategies LP bought a new position in shares of GSI Technology in the fourth quarter valued at about $2,116,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of GSI Technology in the second quarter valued at about $2,385,000. Finally, GSA Capital Partners LLP acquired a new position in GSI Technology during the 2nd quarter worth about $1,377,000. 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.