2,227,569 Shares in GCT Semiconductor Holding, Inc. $GCTS Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 2.23 million GCT Semiconductor shares worth approximately $210.6 million, giving it a 2.45% stake. Institutional investors collectively own 28.06% of the company.
• GCT Semiconductor reported weak quarterly results, with a $0.25 loss per share versus the expected $0.08 loss and revenue of $0.97 million compared with $3.30 million expected.
• The stock recently traded at $2.02, while analyst sentiment remains mixed: the consensus rating is “Hold” with a $3.50 target price, alongside recent downgrades to “Sell.”

Bank of New York Mellon Corp purchased a new position in GCT Semiconductor Holding, Inc. (NYSE:GCTS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,227,569 shares of the company's stock, valued at approximately $210,594,000. Bank of New York Mellon Corp owned 2.45% of GCT Semiconductor at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of GCT Semiconductor by 3.3% in the third quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company's stock worth $2,407,000 after buying an additional 50,799 shares during the period. Geode Capital Management LLC boosted its position in GCT Semiconductor by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 414,944 shares of the company's stock valued at $498,000 after buying an additional 17,867 shares during the period. Jane Street Group LLC purchased a new stake in shares of GCT Semiconductor during the second quarter worth about $246,000. State Street Corp boosted its holdings in shares of GCT Semiconductor by 8.9% during the fourth quarter. State Street Corp now owns 144,689 shares of the company's stock worth $174,000 after purchasing an additional 11,800 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of GCT Semiconductor by 57.5% during the first 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 period. Institutional investors own 28.06% of the company's stock.

GCT Semiconductor Stock Performance

GCT Semiconductor stock opened at $2.02 on Friday. GCT Semiconductor Holding, Inc. has a fifty-two week low of $0.95 and a fifty-two week high of $3.93. The stock's 50 day simple moving average is $2.33 and its two-hundred day simple moving average is $1.89. The stock has a market cap of $186.24 million, a price-to-earnings ratio of -2.53 and a beta of 1.81.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last announced its earnings results on Monday, August 10th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The firm had revenue of $0.97 million during the quarter, compared to analysts' expectations of $3.30 million. On average, analysts predict that GCT Semiconductor Holding, Inc. will post -0.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GCTS. Weiss Ratings restated a "sell (d-)" rating on shares of GCT Semiconductor in a report on Monday, August 3rd. Wall Street Zen cut GCT Semiconductor from a "hold" rating to a "sell" rating in a report on Monday, August 17th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, GCT Semiconductor has a consensus rating of "Hold" and a consensus target price of $3.50.

GCT Semiconductor 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.

Want to see what other hedge funds are holding GCTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GCT Semiconductor Holding, Inc. (NYSE:GCTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source