GSI Technology, Inc. (GSIT) Sees Significant Decline in Short Interest

GSI Technology, Inc. (NASDAQ:GSIT) was the target of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 468,765 shares, a decline of 25.6% from the October 31st total of 629,809 shares. Based on an average daily volume of 66,572 shares, the days-to-cover ratio is presently 7.0 days. Approximately 3.4% of the shares of the company are sold short.

Separately, Needham & Company LLC restated a “hold” rating on shares of GSI Technology in a research note on Thursday, October 26th.

Shares of GSI Technology (NASDAQ:GSIT) opened at $7.61 on Friday. GSI Technology has a one year low of $5.22 and a one year high of $9.68.

GSI Technology (NASDAQ:GSIT) last issued its earnings results on Thursday, October 26th. The semiconductor company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.07). GSI Technology had a negative return on equity of 4.93% and a negative net margin of 10.08%. The company had revenue of $9.65 million during the quarter, compared to analysts’ expectations of $10.50 million. During the same quarter in the previous year, the company earned $0.03 EPS. The firm’s quarterly revenue was down 27.8% compared to the same quarter last year.

Several institutional investors and hedge funds have recently modified their holdings of GSIT. State Street Corp boosted its stake in shares of GSI Technology by 359.4% in the second quarter. State Street Corp now owns 167,791 shares of the semiconductor company’s stock worth $1,319,000 after buying an additional 131,271 shares during the last quarter. Northern Trust Corp boosted its stake in shares of GSI Technology by 379.2% in the second quarter. Northern Trust Corp now owns 154,441 shares of the semiconductor company’s stock worth $1,214,000 after buying an additional 122,210 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of GSI Technology by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 724,462 shares of the semiconductor company’s stock worth $5,694,000 after buying an additional 85,825 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of GSI Technology by 27.4% in the third quarter. New York State Common Retirement Fund now owns 203,879 shares of the semiconductor company’s stock worth $1,482,000 after buying an additional 43,800 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of GSI Technology by 389.3% in the second quarter. Bank of New York Mellon Corp now owns 49,530 shares of the semiconductor company’s stock worth $389,000 after buying an additional 39,407 shares during the last quarter. Hedge funds and other institutional investors own 32.01% of the company’s stock.

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GSI Technology Company Profile

GSI Technology, Inc is a provider of Very Fast static random access memory (SRAM) products and low latency dynamic random access memory (LLDRAM) products. The Company operates through the design, development and sale of integrated circuits segment. Its products are incorporated primarily in high-performance networking and telecommunications equipment, such as routers, switches, area network infrastructure equipment, wireless base stations and network access equipment.

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