GCT Semiconductor (NYSE:GCTS) Shares Up 1.1% - Here's What Happened

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) traded up 1.1% on Monday . The company traded as high as $1.44 and last traded at $1.41. 108,498 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 233,044 shares. The stock had previously closed at $1.39.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price objective on GCT Semiconductor from $8.00 to $5.00 and set a "buy" rating on the stock in a report on Monday, February 3rd.

GCT Semiconductor Stock Up 1.1 %

The company has a market capitalization of $67.79 million, a price-to-earnings ratio of -5.40 and a beta of 1.24. The stock's 50-day simple moving average is $1.64 and its two-hundred day simple moving average is $2.14.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.04. The firm had revenue of $2.03 million during the quarter, compared to analyst estimates of $2.03 million. On average, sell-side analysts forecast that GCT Semiconductor Holding, Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On GCT Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC increased its holdings in shares of GCT Semiconductor by 321.3% during the 3rd quarter. Barclays PLC now owns 10,799 shares of the company's stock worth $36,000 after buying an additional 8,236 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of GCT Semiconductor in the fourth quarter worth $45,000. Renaissance Technologies LLC acquired a new stake in shares of GCT Semiconductor in the fourth quarter valued at $58,000. JPMorgan Chase & Co. raised its stake in shares of GCT Semiconductor by 488.2% in the third quarter. JPMorgan Chase & Co. now owns 27,258 shares of the company's stock valued at $91,000 after acquiring an additional 22,624 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in GCT Semiconductor by 798.1% during the 4th quarter. Rhumbline Advisers now owns 51,327 shares of the company's stock worth $120,000 after purchasing an additional 45,612 shares in 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.

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