GCT Semiconductor (NYSE:GCTS) Shares Down 4.3% – Here’s What Happened

GCT Semiconductor Holding, Inc. (NYSE:GCTS) fell 4.3% during trading on Monday . The stock traded as low as $2.32 and last traded at $2.3550. Approximately 1,462,655 shares were traded during trading, a decline of 49% from the average session volume of 2,859,190 shares. The stock had previously closed at $2.46.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GCTS. Wall Street Zen raised shares of GCT Semiconductor from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings raised shares of GCT Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $3.00 target price on shares of GCT Semiconductor in a report on Monday, March 30th. Two research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $3.50.

GCT Semiconductor Price Performance

The firm has a 50 day simple moving average of $2.62 and a 200-day simple moving average of $1.70. The company has a market cap of $214.21 million, a price-to-earnings ratio of -2.91 and a beta of 1.78.

GCT Semiconductor (NYSE:GCTS) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $1.92 million during the quarter, compared to analyst estimates of $1.77 million. Research analysts anticipate that GCT Semiconductor Holding, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Trading of GCT Semiconductor

Several institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in shares of GCT Semiconductor in the 4th quarter worth approximately $26,000. Bridgeway Capital Management LLC boosted its stake in shares of GCT Semiconductor by 50.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 75,000 shares of the company’s stock valued at $90,000 after purchasing an additional 25,000 shares during the period. State Street Corp grew its holdings in shares of GCT Semiconductor by 8.9% in the fourth quarter. State Street Corp now owns 144,689 shares of the company’s stock valued at $174,000 after purchasing an additional 11,800 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of GCT Semiconductor by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 414,944 shares of the company’s stock valued at $498,000 after purchasing an additional 17,867 shares in the last quarter. Finally, Blair William & Co. IL purchased a new stake in GCT Semiconductor during the 3rd quarter worth approximately $47,000. 28.06% of the stock is currently owned by hedge funds and other institutional investors.

About GCT Semiconductor

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.