GSI Technology stock rises 5.1% premarket

Shares of GSI Technology Inc.
GSIT,
+35.78%,
a loss-making semiconductor company that has been attracting meme-like attention, rose 5.1% in premarket trades Friday. The stock ended Thursday’s session up 35.8% at a new 18-month high of $5.92 on trading volume of 18.6 million shares, above its 65-day average of 3.6 million shares. On Tuesday GSI Technology reported a fourth-quarter net loss of $4 million, compared with a net loss of $3 million in the same period last year. The company has reported a net loss for more than a dozen straight quarters. GSI Technology reported revenue of $5.4 million, down from $8.7 million in the same period last year, but within the company’s guidance range. The company has a market cap of $146.1 million, FactSet data show. According to a GSI Technology filing with the SEC Monday, Orin Hirschman, managing member of Maryland-based AIGH Capital Management, has taken an 8.1% stake in the semiconductor specialist. AIGH Capital Management has $271.3 million in managed securities, according to a separate SEC filing Monday. As of March 31, 2023 the majority of AIGH Capital Management’s holdings were in healthcare and tech, according to Nasdaq data.