GSI Technology, Inc. (NASDAQ:GSIT) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 223,600 shares, a drop of 11.4% from the August 15th total of 252,300 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily trading volume, of 75,100 shares, the days-to-cover ratio is currently 3.0 days.
In related news, Director Robert Yau sold 4,592 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $9.00, for a total value of $41,328.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Ping Tak Wu sold 8,880 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $8.04, for a total transaction of $71,395.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,509 shares of company stock valued at $113,056. 35.50% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in GSI Technology by 49.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 14,139 shares of the semiconductor company’s stock valued at $122,000 after buying an additional 4,698 shares during the last quarter. Strs Ohio acquired a new stake in GSI Technology during the 2nd quarter valued at approximately $148,000. Wells Fargo & Company MN increased its position in GSI Technology by 11.5% during the 2nd quarter. Wells Fargo & Company MN now owns 20,648 shares of the semiconductor company’s stock valued at $177,000 after purchasing an additional 2,135 shares during the period. Acadian Asset Management LLC increased its position in GSI Technology by 287.9% during the 2nd quarter. Acadian Asset Management LLC now owns 22,833 shares of the semiconductor company’s stock valued at $196,000 after purchasing an additional 16,946 shares during the period. Finally, Morgan Stanley increased its position in GSI Technology by 329.7% during the 2nd quarter. Morgan Stanley now owns 23,021 shares of the semiconductor company’s stock valued at $197,000 after purchasing an additional 17,663 shares during the period. Institutional investors and hedge funds own 32.04% of the company’s stock.
NASDAQ GSIT traded up $0.09 during trading hours on Monday, reaching $8.69. The company’s stock had a trading volume of 402 shares, compared to its average volume of 42,646. The firm has a fifty day simple moving average of $8.43 and a 200-day simple moving average of $8.18. The stock has a market cap of $197.26 million, a P/E ratio of 124.43 and a beta of 1.38. GSI Technology has a 52 week low of $4.62 and a 52 week high of $9.00.
GSI Technology (NASDAQ:GSIT) last issued its quarterly earnings data on Thursday, July 25th. The semiconductor company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The business had revenue of $13.02 million during the quarter. GSI Technology had a net margin of 3.16% and a return on equity of 1.83%.
About GSI Technology
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.
Recommended Story: Understanding each part of a balance sheet
Receive News & Ratings for GSI Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GSI Technology and related companies with MarketBeat.com's FREE daily email newsletter.