Ivanhoe Electric Inc
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Materials : Metals & Mining | Small Cap Growth
Based in Canada
Company profile

Ivanhoe Electric Inc. is a mineral exploration and development company. The Company is focused on identifying and developing mineral projects, and mainly mines, associated with the metals necessary for electrification, in particular, copper, nickel, cobalt, vanadium, gold, silver, and the platinum group metals. Its two material mineral projects are Santa Cruz Copper Project (Santa Cruz) in Arizona and the Tintic Copper-Gold Project (Tintic) in Utah. The Santa Cruz is located between the towns of Casa Grande and Stanfield in Arizona, approximately a one-hour drive south of Phoenix. It encompasses approximately 47.3 square kilometers (km2) of land. The Tintic exploration area covers approximately 65 km2 of patented claims and unpatented claims. Its other key mineral projects are the Hog Heaven Copper-Silver-Gold Project, located in Montana, and the Sama Nickel-Copper-Palladium Project, located in the Ivory Coast. Its technologies include Typhoon, Computational Geosciences and VRB Energy.

Closing Price
Day's Change
0.30 (2.22%)
B/A Size
Day's High
Day's Low

10-day average volume:

Small cap GSI Technology generates meme-like buzz

8:48 am ET May 15, 2023 (MarketWatch)

By James Rogers

Loss-making GSI Technology Inc. is the latest small-cap stock to spark meme-like buzz

Loss-making GSI Technology Inc. is the latest small-cap stock to spark meme-like buzz.

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. Multiple block trades were placed Friday, representing 6.9% of the float for GSI Technology, according to FactSet.

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 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 (SRAM) semiconductor products.

See Now: Small-cap Chinese stocks spark meme-like buzz

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."

The memory specialist reports fourth-quarter results after market close on Tuesday.

An influential meme stock trader, who goes by the name Obi and participates in the WallStreetBets group on Reddit as Major-Access2321, told MarketWatch that he sees meme-like parallels between GSI Technology and Top Financial Group Ltd. (TOP). The Hong Kong-based trading firm's stock skyrocketed more than 890% last month, before pulling back.

Related: After TOP Financial's surge, influential meme-stock trader looks for next big opportunity

GSI Technology is "set up" like Top Financial was before a recent short cover wave, Obi, told MarketWatch. The meme stock trader has over 29,000 subscribers to his Making Easy Money YouTube channel.

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.

-James Rogers

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 15, 2023 08:48 ET (12:48 GMT)

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