GT Advanced Technologies Stock Price Down 13.7% Following Insider Selling (GTAT)
GT Advanced Technologies (NASDAQ:GTAT)’s share price fell 13.7% during mid-day trading on Monday following insider selling activity, Analyst Ratings Network.com reports. The stock traded as low as $16.86 and last traded at $16.87, with a volume of 21,569,181 shares changing hands. The stock had previously closed at $19.55.
Specifically, COO Daniel Squiller sold 15,000 shares of the stock on the open market in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $20.05, for a total value of $300,750.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on GTAT shares. Analysts at Canaccord Genuity downgraded shares of GT Advanced Technologies from a “buy” rating to a “hold” rating in a research note on Monday. They now have a $20.00 price target on the stock. They noted that the move was a valuation call. Separately, 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. Finally, 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. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $19.56.
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 $2.250 billion.
GT Advanced Technologies (NASDAQ:GTAT) last issued its quarterly 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 $0.08 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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