GSI Technology (NASDAQ:GSIT) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Shares crossed above the 200-day moving average: the 200-day MA is $7.18, the stock traded as high as $7.50 and last at $7.45, rising about 5.1% on roughly 840,423 shares traded.
• Analyst and financial outlook remains weak: Weiss Ratings reiterated a "sell (d-)" and the consensus is "Sell," while GSI reported -$0.09 EPS, a negative net margin of 43.15% and negative ROE of 22.69%.
• Significant insider selling: insiders have sold 127,251 shares (~$1.19M) over the past 90 days, including two VP sales, with insiders still holding about 25.4% of the stock.

GSI Technology, Inc. (NASDAQ:GSIT - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $7.18 and traded as high as $7.50. GSI Technology shares last traded at $7.45, with a volume of 840,423 shares trading hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "sell (d-)" rating on shares of GSI Technology in a research note on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, GSI Technology currently has an average rating of "Sell".

GSI Technology Stock Up 5.1%

The business has a 50 day simple moving average of $6.84 and a 200 day simple moving average of $7.18. The company has a market capitalization of $269.62 million, a PE ratio of -20.13 and a beta of 1.67.

GSI Technology (NASDAQ:GSIT - Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The semiconductor company reported ($0.09) EPS for the quarter. GSI Technology had a negative net margin of 43.15% and a negative return on equity of 22.69%. The business had revenue of $6.08 million during the quarter.

Insider Buying and Selling at GSI Technology

In other news, VP Patrick T. Chuang sold 20,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $8.37, for a total value of $167,400.00. Following the transaction, the vice president directly owned 15,166 shares of the company's stock, valued at approximately $126,939.42. This represents a 56.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Bor-Tay Wu sold 40,000 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $8.66, for a total value of $346,400.00. Following the completion of the transaction, the vice president directly owned 912,500 shares in the company, valued at $7,902,250. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 127,251 shares of company stock worth $1,187,290. 25.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. CIBC Private Wealth Group LLC acquired a new position in shares of GSI Technology in the fourth quarter valued at about $31,000. R Squared Ltd acquired a new position in shares of GSI Technology in the third quarter valued at about $38,000. Osaic Holdings Inc. increased its holdings in shares of GSI Technology by 52.1% in the second quarter. Osaic Holdings Inc. now owns 12,012 shares of the semiconductor company's stock valued at $40,000 after purchasing an additional 4,112 shares during the period. Bank of America Corp DE increased its holdings in shares of GSI Technology by 8,247.6% in the second quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 13,526 shares during the period. Finally, Prelude Capital Management LLC acquired a new position in shares of GSI Technology in the third quarter valued at about $52,000. 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.

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