Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of GSI Technology, Inc. (NASDAQ:GSIT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 308,520 shares of the semiconductor company's stock, valued at approximately $2,385,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.80% of GSI Technology at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp purchased a new stake in shares of GSI Technology in the first quarter valued at about $80,000. Arrowstreet Capital Limited Partnership bought a new position in shares of GSI Technology during the second quarter valued at about $535,000. Marshall Wace LLP purchased a new position in GSI Technology during the second quarter worth about $642,000. Jane Street Group LLC purchased a new position in GSI Technology during the second quarter worth about $342,000. Finally, Bank of America Corp DE grew its position in GSI Technology by 8,247.6% in the 2nd quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 13,526 shares in the last quarter. 33.15% of the stock is owned by hedge funds and other institutional investors.
GSI Technology Stock Performance
GSIT opened at $5.70 on Friday. The firm has a market cap of $219.05 million, a P/E ratio of -12.39 and a beta of 2.10. The firm has a 50-day moving average of $6.34 and a 200 day moving average of $7.19. GSI Technology, Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $18.15.
GSI Technology (NASDAQ:GSIT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The semiconductor company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.06. The business had revenue of $6.31 million for the quarter, compared to analyst estimates of $7.30 million. GSI Technology had a negative net margin of 62.90% and a negative return on equity of 21.39%.
Insider Activity
In other news, VP Patrick T. Chuang sold 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $10.98, for a total transaction of $439,200.00. Following the completion of the sale, the vice president owned 15,166 shares in the company, valued at $166,522.68. This trade represents a 72.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.60% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
GSIT has been the subject of several analyst reports. Wall Street Zen lowered shares of GSI Technology from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GSI Technology in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, GSI Technology presently has an average rating of "Sell".
Check Out Our Latest Stock Report on GSI Technology
GSI Technology Company Profile
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Free Report)
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.
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