GSI Technology, Inc. (GSIT) shares traded down 7.29 percent, or $0.56, at $7.12 on Wednesday, despite the company announcing a new proof-of-concept engagement with two government agencies.
The drop happened despite GSI announcing a partnership with Israel's G2 Tech for the Sentinel project, which is an autonomous security system that utilizes drones and cameras. This initiative has support from the U.S. Department of War and a foreign government.
The stock opened at $7.96, compared with a previous close of $7.68 on the Nasdaq. Shares traded between $6.90 and $8.90 during the session. The current bid was $3.96, and the ask was $6.77. Trading volume reached about 6.14 million shares, compared with an average volume of 5.66 million.
GSI Technology's 52-week range stands at $1.62 to $18.15.
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