GT Advanced Technologies Sees Large Growth in Short Interest (GTAT)
GT Advanced Technologies (NASDAQ:GTAT) was the target of a large growth in short interest during the month of May. As of May 30th, there was short interest totalling 45,699,239 shares, a growth of 6.2% from the May 15th total of 43,013,791 shares, AR Network reports. Based on an average trading volume of 7,315,263 shares, the days-to-cover ratio is presently 6.2 days. Approximately 33.9% of the shares of the company are short sold.
In other GT Advanced Technologies news, Director Thomas Wroe, Jr. sold 10,845 shares of GT Advanced Technologies stock on the open market in a transaction dated Thursday, June 5th. The shares were sold at an average price of $16.13, for a total value of $174,929.85. The sale was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on GTAT. Analysts at Stifel Nicolaus initiated coverage on shares of GT Advanced Technologies in a research note on Wednesday, May 28th. They set a “buy” rating and a $20.00 price target on the stock. Separately, analysts at Zacks downgraded shares of GT Advanced Technologies from an “outperform” rating to a “neutral” rating in a research note on Tuesday, May 27th. They now have a $17.10 price target on the stock. Finally, analysts at Dougherty & Co initiated coverage on shares of GT Advanced Technologies in a research note on Tuesday, May 13th. They set a “buy” rating and a $29.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $19.56.
GT Advanced Technologies (NASDAQ:GTAT) traded up 3.39% on Friday, hitting $18.32. 9,822,649 shares of the company’s stock traded hands. GT Advanced Technologies has a 1-year low of $3.44 and a 1-year high of $19.44. The stock has a 50-day moving average of $15.75 and a 200-day moving average of $13.34. The company’s market cap is $2.499 billion.
GT Advanced Technologies (NASDAQ:GTAT) last released its earnings data on Wednesday, May 7th. The company reported ($0.22) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.21) by $0.01. 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. Analysts expect that GT Advanced Technologies will post $0.09 EPS for the current fiscal year.
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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