GT Advanced Technologies Hits New 1-Year High Following Analyst Upgrade (GTAT)
GT Advanced Technologies (NASDAQ:GTAT)’s share price hit a new 52-week high on Tuesday after Canaccord Genuity raised their price target on the stock from $13.00 to $15.00, Stock Ratings Network reports. Canaccord Genuity currently has a buy rating on the stock. GT Advanced Technologies traded as high as $12.74 and last traded at $12.67, with a volume of 10,603,068 shares. The stock had previously closed at $11.67.
Separately, analysts at Bank of America reiterated a “buy” rating on shares of GT Advanced Technologies in a research note on Saturday, November 23rd. They now have a $13.00 price target on the stock. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. GT Advanced Technologies presently has a consensus rating of “Buy” and an average target price of $11.63.
In other GT Advanced Technologies news, CFO Richard Gaynor unloaded 124,250 shares of GT Advanced Technologies stock on the open market in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $10.21, for a total value of $1,268,592.50. Following the transaction, the chief financial officer now directly owns 103,407 shares of the company’s stock, valued at approximately $1,055,785. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
The stock’s 50-day moving average is $9.65 and its 200-day moving average is $8.34. The company’s market cap is $1.546 billion. GT Advanced Technologies also was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 30,692,459 shares, a decline of 6.6% from the January 15th total of 32,867,883 shares. Based on an average daily trading volume, of 6,049,138 shares, the days-to-cover ratio is currently 5.1 days. Currently, 23.4% of the company’s stock are sold short.
GT Advanced Technologies Inc is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (NASDAQ:GTAT) and electronics industries.
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