Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of GSI Technology, Inc. (NASDAQ:GSIT – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 308,520 shares of the semiconductor company’s stock, valued at approximately $2,385,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.80% of GSI Technology at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp purchased a new stake in shares of GSI Technology in the first quarter valued at about $80,000. Arrowstreet Capital Limited Partnership bought a new position in shares of GSI Technology during the second quarter valued at about $535,000. Marshall Wace LLP purchased a new position in GSI Technology during the second quarter worth about $642,000. Jane Street Group LLC purchased a new position in GSI Technology during the second quarter worth about $342,000. Finally, Bank of America Corp DE grew its position in GSI Technology by 8,247.6% in the 2nd quarter. Bank of America Corp DE now owns 13,690 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 13,526 shares in the last quarter. 33.15% of the stock is owned by hedge funds and other institutional investors.
GSI Technology Stock Performance
GSIT opened at $5.70 on Friday. The firm has a market cap of $219.05 million, a P/E ratio of -12.39 and a beta of 2.10. The firm has a 50-day moving average of $6.34 and a 200 day moving average of $7.19. GSI Technology, Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $18.15.
Insider Activity
In other news, VP Patrick T. Chuang sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $10.98, for a total transaction of $439,200.00. Following the completion of the sale, the vice president owned 15,166 shares in the company, valued at $166,522.68. This trade represents a 72.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.60% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
GSIT has been the subject of several analyst reports. Wall Street Zen lowered shares of GSI Technology from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of GSI Technology in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, GSI Technology presently has an average rating of “Sell”.
Check Out Our Latest Stock Report on GSI Technology
GSI Technology Company Profile
GSI Technology, Inc is a fabless semiconductor company specializing in the design and development of high-performance memory products. Headquartered in Sunnyvale, California, the company was founded in 1995 and has focused its efforts on content addressable memory (CAM) and high-speed SRAM (static random-access memory) solutions. As a publicly traded company listed on NASDAQ under the ticker GSIT, GSI Technology leverages advanced architectures to meet demanding data-processing requirements.
The company’s core product portfolio includes ternary CAM (TCAM) devices, binary CAM (BCAM) devices and high-speed synchronous SRAM.
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