GSI Technology (NASDAQ:GSIT) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

GSI Technology, Inc. (NASDAQ:GSIT) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.94 and traded as high as $3.35. GSI Technology shares last traded at $3.06, with a volume of 183,903 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of GSI Technology from a “hold” rating to a “sell” rating in a report on Monday, October 28th.

GSI Technology Stock Down 10.8 %

The stock’s 50 day moving average price is $2.99 and its two-hundred day moving average price is $2.94. The stock has a market cap of $77.99 million, a price-to-earnings ratio of -5.10 and a beta of 0.98.

GSI Technology (NASDAQ:GSIT) last announced its quarterly earnings results on Thursday, October 24th. The semiconductor company reported ($0.21) earnings per share for the quarter. The company had revenue of $4.55 million for the quarter. GSI Technology had a negative return on equity of 54.03% and a negative net margin of 77.71%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GSIT. American Century Companies Inc. boosted its position in GSI Technology by 42.3% in the 2nd quarter. American Century Companies Inc. now owns 19,827 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 5,890 shares in the last quarter. Silverberg Bernstein Capital Management LLC lifted its stake in shares of GSI Technology by 1.3% in the 3rd quarter. Silverberg Bernstein Capital Management LLC now owns 471,986 shares of the semiconductor company’s stock valued at $1,440,000 after purchasing an additional 6,012 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in GSI Technology by 19.0% during the third quarter. Geode Capital Management LLC now owns 205,116 shares of the semiconductor company’s stock worth $626,000 after buying an additional 32,711 shares in the last quarter. 33.15% of the stock is currently owned by hedge funds and other institutional investors.

About GSI Technology

GSI Technology, Inc designs, develops, and markets semiconductor memory solutions to networking, industrial, medical, aerospace, and military customers in the United States, China, Singapore, Germany, the Netherlands, and internationally. It offers associative processing unit products, which are focuses on applications using similarity search in visual search queries for ecommerce, computer vision, drug discovery, cyber security, and service markets.