Shares of small cap GSI Technology Inc. (GSIT), a loss-making semiconductor company that has been attracting meme-like attention, fell 10.1% in premarket trades Tuesday. The stock closed up 4.9% Monday at a new high of $5.34 on trading volume three times higher than the prior 30-day average, FactSet data show. Shares of GSI Technology skyrocketed 210.4% Friday. The stock is up 209% in 2023, outpacing the S&P 500 index's gain of 7.7%. 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). 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.
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May 16, 2023 08:44 ET (12:44 GMT)
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