Insider Selling: GT Advanced Technologies VP Sells 30,492 Shares of Stock (GTAT)
GT Advanced Technologies (NASDAQ:GTAT) VP Jeffrey John Ford unloaded 30,492 shares of GT Advanced Technologies stock on the open market in a transaction dated Friday, August 8th. The stock was sold at an average price of $15.30, for a total value of $466,527.60. Following the sale, the vice president now directly owns 44,991 shares in the company, valued at approximately $688,362. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of GT Advanced Technologies (NASDAQ:GTAT) traded up 5.29% on Monday, hitting $16.31. The stock had a trading volume of 8,259,475 shares. GT Advanced Technologies has a one year low of $5.25 and a one year high of $20.54. The stock’s 50-day moving average is $16.07 and its 200-day moving average is $15.34. The company’s market cap is $2.240 billion. GT Advanced Technologies also was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 48,236,023 shares, an increase of 4.0% from the July 15th total of 46,384,897 shares. Based on an average daily volume of 9,105,905 shares, the short-interest ratio is presently 5.3 days. Currently, 35.6% of the company’s stock are short sold.
GT Advanced Technologies (NASDAQ:GTAT) last announced its earnings results on Monday, August 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by $0.02. The company had revenue of $58.00 million for the quarter, compared to the consensus estimate of $63.94 million. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s revenue for the quarter was down 65.5% on a year-over-year basis. Analysts expect that GT Advanced Technologies will post $0.02 EPS for the current fiscal year.
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, July 7th. 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 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $19.83.
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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