GT Advanced Technologies Downgraded by Canaccord Genuity to Hold (GTAT)
GT Advanced Technologies (NASDAQ:GTAT) was downgraded by stock analysts at Canaccord Genuity from a “buy” rating to a “hold” rating in a report issued on Monday, TheFlyOnTheWall.com reports. They currently have a $20.00 target price on the stock. Canaccord Genuity’s price objective points to a potential upside of 2.30% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other analysts have also recently weighed in 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. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $19.56.
In other GT Advanced Technologies news, CEO Thomas Gutierrez unloaded 59,232 shares of the stock on the open market in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $19.11, for a total transaction of $1,131,923.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
GT Advanced Technologies (NASDAQ:GTAT) opened at 19.55 on Monday. GT Advanced Technologies has a 1-year low of $4.11 and a 1-year high of $20.54. The stock has a 50-day moving average of $17.04 and a 200-day moving average of $14.32. The company’s market cap is $2.666 billion.
GT Advanced Technologies (NASDAQ:GTAT) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing the analysts’ 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 last year, the company posted ($0.07) earnings per share. GT Advanced Technologies’s revenue was down 61.1% compared to the same quarter last year. Analysts expect that GT Advanced Technologies will post $0.08 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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