GCT Semiconductor (NYSE:GCTS) Stock Price Down 1.6% - Time to Sell?

Key Points

• GCT Semiconductor (NYSE:GCTS) shares fell by 1.6%, closing at $1.54, with a substantial drop in trading volume of 76% compared to its average session volume.
• Wall Street analysts downgraded GCT Semiconductor from a "hold" rating to a "strong sell" rating, reflecting growing pessimism about the company's prospects.
• The company reported a wider-than-expected loss of ($0.15) earnings per share (EPS), missing analyst estimates and generating revenue significantly below expectations.

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) traded down 1.6% during trading on Friday . The stock traded as low as $1.50 and last traded at $1.54. 81,688 shares changed hands during trading, a decline of 76% from the average session volume of 336,987 shares. The stock had previously closed at $1.56.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded GCT Semiconductor from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd.

GCT Semiconductor Trading Down 1.6%

The stock has a market cap of $72.95 million, a PE ratio of -3.40 and a beta of 1.22. The business has a 50-day moving average price of $1.33 and a 200 day moving average price of $1.66.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last announced its earnings results on Wednesday, May 14th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.05). The business had revenue of $0.50 million during the quarter, compared to analyst estimates of $1.87 million. On average, equities analysts predict that GCT Semiconductor Holding, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at GCT Semiconductor

In other news, Director Hyunsoo Shin acquired 86,000 shares of GCT Semiconductor stock in a transaction dated Tuesday, May 20th. The shares were purchased at an average cost of $1.18 per share, for a total transaction of $101,480.00. Following the transaction, the director owned 170,248 shares of the company's stock, valued at $200,892.64. This trade represents a 102.08% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders bought 248,000 shares of company stock worth $281,860. 0.21% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GCT Semiconductor

Several institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC purchased a new stake in GCT Semiconductor during the 4th quarter valued at about $45,000. Renaissance Technologies LLC purchased a new stake in GCT Semiconductor during the 4th quarter valued at about $58,000. Finally, Goldman Sachs Group Inc. boosted 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 valued at $115,000 after acquiring an additional 25,535 shares during the period. 28.06% of the stock is currently 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.