HC Wainwright Reaffirms Buy Rating for GCT Semiconductor (NYSE:GCTS)

GCT Semiconductor (NYSE:GCTS)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $3.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 171.49% from the company’s current price.

GCTS has been the topic of a number of other research reports. B. Riley reduced their target price on GCT Semiconductor from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of GCT Semiconductor in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, GCT Semiconductor has an average rating of “Hold” and an average target price of $3.50.

GCT Semiconductor Stock Down 4.7%

GCTS opened at $1.11 on Tuesday. The stock has a market capitalization of $63.10 million, a price-to-earnings ratio of -1.44 and a beta of 1.23. GCT Semiconductor has a twelve month low of $0.90 and a twelve month high of $2.57. The company has a 50-day simple moving average of $1.30 and a 200 day simple moving average of $1.39.

GCT Semiconductor (NYSE:GCTS) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.06). The firm had revenue of $0.43 million for the quarter, compared to the consensus estimate of $1.20 million. Sell-side analysts anticipate that GCT Semiconductor will post -0.3 EPS for the current fiscal year.

Insider Transactions at GCT Semiconductor

In related news, Director Hyunsoo Shin purchased 25,453 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was bought at an average price of $1.28 per share, with a total value of $32,579.84. Following the completion of the purchase, the director owned 737,866 shares in the company, valued at approximately $944,468.48. This represents a 3.57% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders acquired 45,358 shares of company stock worth $58,058. 5.40% of the stock is owned by company insiders.

Institutional Trading of GCT Semiconductor

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in GCT Semiconductor by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock worth $115,000 after purchasing an additional 25,535 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of GCT Semiconductor during the second quarter worth $95,000. Jane Street Group LLC acquired a new position in GCT Semiconductor in the second quarter valued at $246,000. Engineers Gate Manager LP acquired a new position in GCT Semiconductor in the second quarter valued at $37,000. Finally, Vanguard Group Inc. boosted its position in GCT Semiconductor by 3.3% during the third quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock valued at $2,407,000 after acquiring an additional 50,799 shares during the last quarter. Institutional investors and hedge funds own 28.06% of the company’s stock.

GCT Semiconductor Company Profile

GCT Semiconductor Holding, Inc, operates as a fabless semiconductor company, designs, develops, and markets integrated circuits for the wireless semiconductor industry. The company provides RF and modem chipsets based on 4G LTE technology, including 4G LTE, 4.5G LTE Advanced, and 4.75G LTE Advanced-Pro. It also develops and sells cellular IoT chipsets for low-speed mobile networks such as eMTC/NB-IOT/Sigfox, and other network protocols; and 5G solutions. Its products and solutions are used in smartphones, tablets, hotspots, CPEs, USB dongles, routers, and M2M applications.