GCT Semiconductor (NYSE:GCTS) Shares Down 4.3% - Here's What Happened

Key Points

• GCT Semiconductor shares fell 4.3% on Monday, trading as low as $2.32 before closing near $2.36 on lighter-than-normal volume.
• Analyst sentiment remains mixed, with two Buy ratings and two Sell ratings; the consensus view is Hold with a $3.50 price target.
• The company recently reported a smaller-than-expected loss of $0.15 per share, while revenue of $1.92 million beat estimates, and analysts expect a full-year loss of $0.34 per share.

Shares of GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) dropped 4.3% on Monday . The stock traded as low as $2.32 and last traded at $2.3550. 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.

Analysts Set New Price Targets

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

GCT Semiconductor Stock Down 4.3%

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

GCT Semiconductor (NYSE:GCTS - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $1.92 million for the quarter, compared to analysts' expectations of $1.77 million. Analysts predict that GCT Semiconductor Holding, Inc. will post -0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GCT Semiconductor

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position 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 acquiring an additional 50,799 shares in the last quarter. Geode Capital Management LLC grew its holdings 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 in the last quarter. Jane Street Group LLC purchased a new stake in GCT Semiconductor during the 2nd quarter valued at about $246,000. State Street Corp grew its position 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. Finally, Bridgeway Capital Management LLC grew its holdings 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 buying an additional 25,000 shares in the last quarter. Institutional investors and hedge funds own 28.06% of the company's stock.

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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