GSI Technology's (GSIT) Buy Rating Reaffirmed at Needham & Company LLC

Key Points

• Needham & Company reaffirmed its “Buy” rating on GSI Technology and maintained a $9.00 price target, implying approximately 119% upside from the stock’s $4.11 price.
• Analyst sentiment remains mixed: Weiss Ratings rates the stock “Sell,” while MarketBeat’s overall consensus is “Hold,” based on one Buy and one Sell rating with a $9.00 consensus 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 missed estimates and the company posted a negative 62.90% net margin.

GSI Technology (NASDAQ:GSIT - Get Free Report)'s stock had its "buy" rating reissued by analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $9.00 target price on the semiconductor company's stock. Needham & Company LLC's target price points to a potential upside of 118.98% from the stock's current price.

A number of other brokerages have also recently commented on GSIT. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GSI Technology in a report on Thursday, October 15th. Wall Street Zen upgraded GSI Technology from a "strong sell" rating to a "sell" rating in a research report on Saturday, October 10th. Finally, Williams Trading set a $9.00 price objective on GSI Technology in a research report on Monday, September 14th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $9.00.

GSI Technology Stock Performance

Shares of GSI Technology stock opened at $4.11 on Thursday. GSI Technology has a one year low of $3.90 and a one year high of $13.70. The stock's fifty day moving average is $5.38 and its 200 day moving average is $6.70. The stock has a market cap of $157.95 million, a P/E ratio of -8.93 and a beta of 2.11.

GSI Technology (NASDAQ:GSIT - Get Free Report) last announced its earnings results on Thursday, July 30th. The semiconductor company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $6.31 million for the quarter, compared to analysts' expectations of $7.30 million.

Hedge Funds Weigh In On GSI Technology

Several large investors have recently made changes to their positions in GSIT. BlackRock Inc. purchased a new position in shares of GSI Technology in the second quarter valued at about $18,551,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of GSI Technology in the second quarter valued at about $2,385,000. GSA Capital Partners LLP purchased a new position in shares of GSI Technology in the second quarter valued at about $1,377,000. Bank of America Corp DE lifted its position in shares of GSI Technology by 535.5% in the first quarter. Bank of America Corp DE now owns 97,677 shares of the semiconductor company's stock valued at $502,000 after acquiring an additional 82,308 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of GSI Technology in the second quarter valued at about $538,000. 33.15% of the stock is currently owned by hedge funds and other institutional investors.

GSI Technology Company Profile

GSI Technology, Inc is a semiconductor company that develops and markets high-performance memory and computing solutions. Its products are designed for applications that require fast data access, reliable operation and high bandwidth, including communications infrastructure, networking equipment, industrial systems, aerospace and defense applications.

The company's product portfolio has historically centered on static random-access memory (SRAM), including synchronous and high-speed memory devices sold under product families such as SigmaQuad and SigmaDDR.