GCT Semiconductor (NYSE:GCTS) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded GCT Semiconductor from “hold” to “sell,” while Weiss Ratings reaffirmed its “sell (D-)” rating. MarketBeat’s overall consensus remains “hold,” with a $3.50 price target.
• GCT Semiconductor reported a quarterly loss of $0.25 per share, missing the $0.08 consensus estimate, while revenue of $0.97 million fell well short of the $3.30 million forecast.
• The stock opened at $1.98, with a market capitalization of approximately $181.6 million; institutional investors own 28.06% of the company, including increased holdings by Goldman Sachs and Vanguard.

GCT Semiconductor (NYSE:GCTS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Monday.

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of GCT Semiconductor in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $3.50.

GCT Semiconductor Stock Up 0.3%

NYSE GCTS opened at $1.98 on Monday. GCT Semiconductor has a 52 week low of $0.95 and a 52 week high of $3.93. The business has a 50 day moving average price of $2.39 and a 200-day moving average price of $1.87. The company has a market cap of $181.64 million, a price-to-earnings ratio of -2.47 and a beta of 1.81.

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

Institutional Trading of GCT Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its holdings in 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 acquiring an additional 25,535 shares during the period. XTX Topco Ltd bought a new position in GCT Semiconductor in the 2nd quarter valued at $95,000. Jane Street Group LLC purchased a new stake in shares of GCT Semiconductor during the 2nd quarter valued at $246,000. Engineers Gate Manager LP purchased a new stake in shares of GCT Semiconductor during the 2nd quarter valued at $37,000. Finally, Vanguard Group Inc. increased its position in shares of GCT Semiconductor by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company's stock valued at $2,407,000 after purchasing an additional 50,799 shares during the last quarter. 28.06% of the stock is owned by hedge funds and other institutional investors.

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.

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