Short Interest in GSI Technology, Inc. (GSIT) Declines By 30.6%
GSI Technology, Inc. (NASDAQ:GSIT) saw a large decline in short interest during the month of October. As of October 13th, there was short interest totalling 490,337 shares, a decline of 30.6% from the September 29th total of 706,719 shares. Based on an average trading volume of 24,222 shares, the short-interest ratio is presently 20.2 days. Approximately 3.5% of the company’s shares are sold short.
Separately, Needham & Company LLC reissued a “hold” rating on shares of GSI Technology in a report on Thursday, October 26th.
A number of hedge funds and other institutional investors have recently made changes to their positions in GSIT. Strs Ohio bought a new position in GSI Technology during the second quarter worth $146,000. Schwab Charles Investment Management Inc. bought a new position in GSI Technology during the second quarter worth $269,000. Rhumbline Advisers bought a new position in GSI Technology during the second quarter worth $117,000. Bank of New York Mellon Corp raised its stake in GSI Technology by 389.3% during 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. Finally, Prudential Financial Inc. raised its stake in GSI Technology by 35.0% during the second quarter. Prudential Financial Inc. now owns 33,880 shares of the semiconductor company’s stock worth $267,000 after buying an additional 8,780 shares during the last quarter. 31.47% of the stock is owned by institutional investors and hedge funds.
GSI Technology (NASDAQ:GSIT) last announced its earnings results on Thursday, October 26th. The semiconductor company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.07). GSI Technology had a negative return on equity of 4.92% and a negative net margin of 10.08%. The firm had revenue of $9.65 million for the quarter, compared to the consensus estimate of $10.50 million. During the same period in the prior year, the business earned $0.03 EPS. GSI Technology’s quarterly revenue was down 27.8% on a year-over-year basis.
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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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