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

Key Points

• Needham & Company initiated coverage of GSI Technology with a “Buy” rating and a $9.00 price target, implying approximately 76% upside from the reported $5.11 share price.
• Analyst sentiment remains mixed: one analyst rates the stock “Buy” and another “Sell,” resulting in a consensus “Hold” rating with an average $9.00 target.
• GSI Technology reported a quarterly loss of $0.13 per share, better than the expected $0.19 loss, but revenue of $6.31 million fell short of the $7.30 million consensus estimate; institutional investors own 33.15% of the stock.

Equities research analysts at Needham & Company LLC started coverage on shares of GSI Technology (NASDAQ:GSIT - Get Free Report) 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 - Get Free Report) 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.