GCT Semiconductor (NYSE:GCTS) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

Key Points

• GCT Semiconductor reported a quarterly loss of $0.25 per share, missing the analyst consensus estimate of a $0.08 loss by $0.17.
• Shares fell 3.5% to $2.46 during Monday trading. The stock has a market capitalization of approximately $224 million and has traded between $0.95 and $3.93 over the past year.
• Institutional investors own 28.06% of the company, while analyst sentiment remains mixed: the average rating is Hold, with a consensus price target of $3.50.

GCT Semiconductor (NYSE:GCTS - Get Free Report) issued its quarterly earnings results on Monday. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.17), Zacks reports.

GCT Semiconductor Stock Down 3.5%

GCTS stock traded down $0.09 during mid-day trading on Monday, reaching $2.46. The company had a trading volume of 3,993,236 shares, compared to its average volume of 4,639,258. The stock's 50-day simple moving average is $2.49 and its two-hundred day simple moving average is $1.83. The stock has a market capitalization of $223.76 million, a P/E ratio of -3.04 and a beta of 1.81. GCT Semiconductor has a one year low of $0.95 and a one year high of $3.93.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GCTS. 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 valued at $2,407,000 after purchasing an additional 50,799 shares during the period. Geode Capital Management LLC boosted its position in shares of GCT Semiconductor by 4.5% during the fourth quarter. Geode Capital Management LLC now owns 414,944 shares of the company's stock worth $498,000 after buying an additional 17,867 shares during the period. Jane Street Group LLC bought a new position in GCT Semiconductor in the 2nd quarter worth approximately $246,000. State Street Corp increased its position in GCT Semiconductor by 8.9% in the 4th quarter. State Street Corp now owns 144,689 shares of the company's stock valued at $174,000 after acquiring an additional 11,800 shares during the period. Finally, Bridgeway Capital Management LLC increased its position in GCT Semiconductor by 50.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 75,000 shares of the company's stock valued at $90,000 after acquiring an additional 25,000 shares during the period. 28.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on GCTS shares. Wall Street Zen upgraded GCT Semiconductor from a "sell" rating to a "hold" rating in a research note on Sunday. Weiss Ratings reissued a "sell (d-)" rating on shares of GCT Semiconductor in a report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $3.50.

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.

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