GSI Technology (NASDAQ:GSIT) Stock Rating Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded GSI Technology from “Sell” to “Strong Sell.” Despite mixed analyst views, MarketBeat reports an overall “Hold” rating and a $9 consensus price target.
• Shares opened at $3.09 and were down 4%; the stock’s 52-week range is $2.92 to $13.00.
• GSI Technology reported a quarterly loss of $0.18 per share, missing the $0.12 loss estimate, while revenue of $6.02 million also fell short of the $6.25 million consensus.

GSI Technology (NASDAQ:GSIT - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also recently commented on GSIT. Williams Trading set a $9.00 target price on shares of GSI Technology in a research report on Monday, September 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GSI Technology in a research note on Thursday, October 15th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $9.00 price target on shares of GSI Technology in a research report on Thursday, October 22nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, GSI Technology presently has an average rating of "Hold" and a consensus target price of $9.00.

GSI Technology Stock Down 4.0%

Shares of GSI Technology stock opened at $3.09 on Friday. The business has a 50 day moving average of $4.61 and a 200 day moving average of $6.50. GSI Technology has a 52 week low of $2.92 and a 52 week high of $13.00. The company has a market cap of $118.97 million, a PE ratio of -5.83 and a beta of 2.26.

GSI Technology (NASDAQ:GSIT - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The semiconductor company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $6.02 million during the quarter, compared to the consensus estimate of $6.25 million. GSI Technology had a negative net margin of 79.50% and a negative return on equity of 22.89%.

Institutional Investors Weigh In On GSI Technology

A number of institutional investors have recently modified their holdings of the stock. Marshall Wace LLP boosted its stake in GSI Technology by 5.3% in the 3rd quarter. Marshall Wace LLP now owns 1,181,678 shares of the semiconductor company's stock worth $6,440,000 after purchasing an additional 58,975 shares in the last quarter. Empowered Funds LLC purchased a new stake in GSI Technology during the 3rd quarter valued at about $256,000. HB Wealth Management LLC purchased a new stake in GSI Technology during the 2nd quarter valued at about $155,000. Bank of America Corp DE purchased a new stake in GSI Technology during the 2nd quarter valued at about $448,000. Finally, Canada Pension Plan Investment Board bought a new stake in GSI Technology during the 2nd quarter valued at about $257,000. 33.15% of the stock is owned by hedge funds and other institutional investors.

GSI Technology Company Profile

GSI Technology is a fabless semiconductor company that develops and sells high-performance memory products and specialized processors. Its memory portfolio includes static random-access memory (SRAM) and other memory devices used in systems that require fast, reliable data access. The company has also developed its Associative Processing Unit (APU) technology, which is designed to perform data-intensive computing tasks. GSI has positioned its APUs for applications such as artificial intelligence, machine learning, database searching and cybersecurity, alongside its established memory business.

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