Short Interest in GT Advanced Technologies Increases By 17.2% (GTAT)
GT Advanced Technologies (NASDAQ:GTAT) was the recipient of a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 56,539,049 shares, a growth of 17.2% from the July 31st total of 48,236,023 shares, AnalystRatings.NET reports. Based on an average trading volume of 9,042,061 shares, the short-interest ratio is currently 6.3 days. Approximately 41.6% of the shares of the stock are sold short.
GTAT has been the subject of a number of recent research reports. Analysts at Raymond James downgraded shares of GT Advanced Technologies from a “market perform” rating to an “underperform” rating in a research note on Thursday. They now have a $17.72 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Piper Jaffray initiated coverage on shares of GT Advanced Technologies in a research note on Monday. They set an “overweight” rating and a $23.00 price target on the stock. Finally, analysts at Credit Agricole downgraded shares of GT Advanced Technologies from an “outperform” rating to an “underperform” rating in a research note on Wednesday, August 20th. They now have a $19.00 price target on the stock, up previously from $18.00. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. GT Advanced Technologies presently has a consensus rating of “Hold” and an average target price of $20.44.
GT Advanced Technologies (NASDAQ:GTAT) opened at 17.68 on Friday. GT Advanced Technologies has a 52-week low of $6.28 and a 52-week high of $20.54. The stock’s 50-day moving average is $15.90 and its 200-day moving average is $16.14. The company’s market cap is $2.432 billion.
GT Advanced Technologies (NASDAQ:GTAT) last announced its earnings results on Monday, August 4th. The company reported ($0.16) earnings per share for the quarter, missing the analysts’ 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 last year, the company posted $0.15 earnings per share. GT Advanced Technologies’s revenue was down 65.5% compared to the same quarter last year. On average, analysts predict that GT Advanced Technologies will post $0.11 earnings per share 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.