GT Advanced Technologies (GTAT) Announces Quarterly Results
GT Advanced Technologies (NASDAQ:GTAT) announced its earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.21) by $0.01, AnalystRatings.Net reports. The company had revenue of $22.50 million for the quarter, compared to the consensus estimate of $26.94 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was down 61.1% on a year-over-year basis. GT Advanced Technologies updated its FY14 guidance to $0.02-0.18 EPS.
In other GT Advanced Technologies news, VP Ho Il Kim sold 25,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $17.05, for a total value of $426,250.00. Following the transaction, the vice president now directly owns 44,991 shares in the company, valued at approximately $767,097. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Shares of GT Advanced Technologies (NASDAQ:GTAT) traded down 5.13% on Wednesday, hitting $15.36. 12,504,113 shares of the company’s stock traded hands. GT Advanced Technologies has a 52 week low of $3.44 and a 52 week high of $19.44. The stock has a 50-day moving average of $16.98 and a 200-day moving average of $12.14. The company’s market cap is $2.079 billion.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of GT Advanced Technologies from a “neutral” rating to an “outperform” rating in a research note on Monday, April 28th. They now have a $19.50 price target on the stock. On a related note, analysts at Goldman Sachs raised their price target on shares of GT Advanced Technologies to $24.00 in a research note on Wednesday, April 2nd. They now have a “positive” rating on the stock. Finally, analysts at Gilford Securities raised their price target on shares of GT Advanced Technologies to $25.00 in a research note on Wednesday, March 26th. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $18.88.
GT Advanced Technologies Inc (NASDAQ:GTAT) is diversified technology company with crystal growth equipment and solutions for the global solar, light emitting diode (LED) and electronics industries.
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