GSI Technology (NASDAQ:GSIT) Share Price Crosses Above 50-Day Moving Average After Earnings Miss
GSI Technology, Inc. (NASDAQ:GSIT) shares passed above its 50-day moving average during trading on Thursday after the company announced better than expected quarterly earnings. The stock has a 50-day moving average of $8.40 and traded as high as $9.00. GSI Technology shares last traded at $8.98, with a volume of 1,082 shares changing hands.
The semiconductor company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). GSI Technology had a net margin of 3.16% and a return on equity of 1.85%. The company had revenue of $13.02 million during the quarter.
A number of brokerages have recently commented on GSIT. TheStreet cut shares of Viewray from a “c-” rating to a “d” rating in a report on Friday, May 3rd. Needham & Company LLC reduced their target price on shares of 2U to $75.00 and set a “buy” rating for the company in a report on Wednesday, May 8th.
Institutional investors have recently modified their holdings of the company. Strs Ohio acquired a new position in shares of GSI Technology during the second quarter worth about $148,000. Spark Investment Management LLC increased its stake in shares of GSI Technology by 103.8% during the first quarter. Spark Investment Management LLC now owns 21,600 shares of the semiconductor company’s stock worth $167,000 after acquiring an additional 11,000 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of GSI Technology by 53.1% during the second quarter. Commonwealth Equity Services LLC now owns 33,719 shares of the semiconductor company’s stock worth $288,000 after acquiring an additional 11,699 shares during the period. Tibra Equities Europe Ltd acquired a new position in GSI Technology during the first quarter worth about $282,000. Finally, Alambic Investment Management L.P. grew its position in GSI Technology by 73.2% during the first quarter. Alambic Investment Management L.P. now owns 154,324 shares of the semiconductor company’s stock worth $1,199,000 after buying an additional 65,234 shares during the period. Institutional investors and hedge funds own 28.87% of the company’s stock.
The business has a 50-day moving average price of $8.41. The company has a market cap of $204.25 million, a P/E ratio of 127.43 and a beta of 1.29.
About GSI Technology (NASDAQ:GSIT)
GSI Technology, Inc, a fabless semiconductor company, designs, develops, and markets memory products primarily for the networking and telecommunications markets in the United States, China, Singapore, the Netherlands, and internationally. It offers synchronous static random access memory (SRAM) products, such as BurstRAMs for microprocessor cache applications; No Bus Turnaround SRAMs to address the needs of moderate performance networking applications; SigmaQuad and SigmaDDR products that are double data rate and quad data rate synchronous SRAMs; and radiation-hardened SRAMs for aerospace and military applications, such as networking satellites and missiles.
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