GSI Technology’s (GSIT) “Hold” Rating Reaffirmed at Needham & Company LLC

GSI Technology, Inc. (NASDAQ:GSIT)‘s stock had its “hold” rating restated by Needham & Company LLC in a report released on Thursday.

The analysts wrote, “While we would like to get more excited in the name (APU targets massive computing potential, SigmaQuad for Aerospace GMs ~85% vs. GSIT avg. of 50.4%), we believe that GSIT continues to face the same pressing headwinds 1) poor visibility towards rev. ramp or profitability 2) high customer concentration risk resulting in lumpy businesses (Alcatel-Lucent inventory correction) 3) and declining gross margins (50.4% in F2Q18 vs. 52.4% last quarter and 56.6% in F2Q17). This quarter GSIT missed estimates with continual weak sales in the telecommunications and networking markets.””

Shares of GSI Technology (NASDAQ:GSIT) traded up 0.72% during midday trading on Thursday, hitting $6.96. 13,598 shares of the stock traded hands. GSI Technology has a 12-month low of $4.71 and a 12-month high of $9.68. The firm’s 50 day moving average price is $7.09 and its 200 day moving average price is $7.50. The company’s market capitalization is $146.23 million.

GSI Technology (NASDAQ:GSIT) last posted its earnings results on Thursday, July 27th. The semiconductor company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The business had revenue of $10.69 million for the quarter, compared to analyst estimates of $11.50 million. GSI Technology had a negative return on equity of 7.01% and a negative net margin of 14.15%. The firm’s revenue was down 17.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.01 earnings per share. Analysts expect that GSI Technology will post $0.01 EPS for the current year.

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Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers acquired a new position in shares of GSI Technology during the 2nd quarter worth approximately $117,000. Strs Ohio acquired a new position in shares of GSI Technology during the 2nd quarter worth approximately $146,000. Teachers Advisors LLC acquired a new position in shares of GSI Technology during the 2nd quarter worth approximately $194,000. California State Teachers Retirement System acquired a new position in shares of GSI Technology during the 2nd quarter worth approximately $199,000. Finally, OxFORD Asset Management LLP acquired a new position in shares of GSI Technology during the 2nd quarter worth approximately $248,000. 31.42% of the stock is currently owned by institutional investors and hedge funds.

About GSI Technology

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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