Connor Clark & Lunn Investment Management Ltd. Invests $2.38 Million in GSI Technology, Inc. $GSIT

Connor Clark & Lunn Investment Management Ltd. acquired a new position in GSI Technology, Inc. (NASDAQ:GSIT) in the 2nd quarter, HoldingsChannel reports. The fund acquired 308,520 shares of the semiconductor company’s stock, valued at approximately $2,385,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in GSI Technology during the second quarter worth approximately $1,377,000. Algert Global LLC purchased a new stake in shares of GSI Technology during the 3rd quarter valued at $88,000. Two Sigma Investments LP grew its stake in shares of GSI Technology by 46.6% during the 3rd quarter. Two Sigma Investments LP now owns 391,258 shares of the semiconductor company’s stock valued at $1,440,000 after buying an additional 124,360 shares during the period. Squarepoint Ops LLC increased its holdings in shares of GSI Technology by 725.2% during the 3rd quarter. Squarepoint Ops LLC now owns 175,385 shares of the semiconductor company’s stock worth $645,000 after buying an additional 154,132 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of GSI Technology by 47.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 235,517 shares of the semiconductor company’s stock worth $867,000 after buying an additional 76,268 shares during the last quarter. 33.15% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Patrick T. Chuang sold 40,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $10.98, for a total value of $439,200.00. Following the completion of the sale, the vice president directly owned 15,166 shares in the company, valued at approximately $166,522.68. This represents a 72.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 16.60% of the company’s stock.

GSI Technology Stock Down 4.0%

Shares of GSIT stock opened at $5.70 on Friday. GSI Technology, Inc. has a fifty-two week low of $2.82 and a fifty-two week high of $18.15. The firm’s 50 day moving average price is $6.34 and its two-hundred day moving average price is $7.19. The stock has a market cap of $219.05 million, a price-to-earnings ratio of -12.39 and a beta of 2.10.

GSI Technology (NASDAQ:GSIT) last released its quarterly earnings data on Thursday, July 30th. The semiconductor company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.06. GSI Technology had a negative net margin of 62.90% and a negative return on equity of 21.39%. The company had revenue of $6.31 million during the quarter, compared to analyst estimates of $7.30 million.

Analyst Ratings Changes

Several research analysts recently weighed in on GSIT shares. Wall Street Zen lowered GSI Technology from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings restated a “sell (d-)” rating on shares of GSI Technology in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

GSI Technology 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.