GSI Technology’s stock ended Friday’s session up 210%.
On Friday GSI Technology’s GSITstock rose 210.4% to close at a new high of $5.09 on volume of 104.6 million shares, well above its 65-day average of 1.73 million shares. Multiple block trades were placed Friday, representing 6.9% of the float for GSI Technology, according to FactSet.On Friday GSI Technology’s GSIT stock rose 210.4% to close at a new high of $5.09 on volume of 104.6 million shares, well above its 65-day average of 1.73 million shares.
GSI Technology’s stock fell 3.5% in premarket trades Monday and has been attracting attention from users posting on Reddit. The stock is up 194.2% in 2023, compared with the S&P 500 index’s SPX gain of 7.4%. Founded in 1995, GSI Technology designs and develops memory products for the telecommunications and networking industries. The Sunnyvale, California-based company describes itself as a leading provider of Static Random Access Memory semiconductor products.With a market cap of $125.7 million, GSI Technology is relatively small, particularly when compared with meme stock darlings AMC Entertainment Holdings Inc. AMC and GameStop Corp. GME .
During its fiscal third-quarter results in January, GSI Technology reported a net loss of $4.8 million dollars, compared with a $4.6 million loss in the prior year’s quarter. The company has reported a net loss for more than a dozen straight quarters. GSI Technology reported third-quarter revenue of $6.4 million, down from $8.1 million in the year-ago quarter. In a statement, the company’s CEO Lee-Lean Shu said third-quarter revenue was impacted by “the uncertain outlook for the global economy.
Covering occurs when a person with a short position buys back the shares, ending the short trade and returning the shares to the seller. A short squeeze occurs when many investors start buying a stock at the same time in an attempt to cover short positions.
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