GCT Semiconductor (NYSE:GCTS) Stock Price Up 7.1% - Still a Buy?

Key Points

• GCT Semiconductor's stock price increased by 7.1% to $1.43 after trading as high as $1.44, with volume 109% above its average daily trades.
• Despite recent fluctuations, analysts have generally downgraded the company's stock rating to "strong sell", with an average price target of $5.00.
• The company reported a quarterly earnings miss with a EPS of (0.26), falling short of the expected (0.14) and revenues of $1.18 million against a forecast of $2.26 million.

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) rose 7.1% on Tuesday . The stock traded as high as $1.44 and last traded at $1.43. Approximately 509,415 shares traded hands during mid-day trading, an increase of 109% from the average daily volume of 243,361 shares. The stock had previously closed at $1.33.

Analysts Set New Price Targets

GCTS has been the topic of several recent research reports. Zacks Research cut shares of GCT Semiconductor from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. Wall Street Zen lowered shares of GCT Semiconductor from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $5.00.

GCT Semiconductor Stock Performance

The company's 50 day moving average price is $1.38 and its 200-day moving average price is $1.46. The company has a market cap of $79.60 million, a PE ratio of -2.10 and a beta of 1.19.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.12). The firm had revenue of $1.18 million for the quarter, compared to the consensus estimate of $2.26 million. Equities research analysts expect that GCT Semiconductor Holding, Inc. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On GCT Semiconductor

Several large investors have recently modified their holdings of the stock. Engineers Gate Manager LP purchased a new stake in shares of GCT Semiconductor during the 2nd quarter worth approximately $37,000. Jane Street Group LLC purchased a new stake in shares of GCT Semiconductor during the 2nd quarter worth approximately $246,000. XTX Topco Ltd purchased a new stake in shares of GCT Semiconductor during the 2nd quarter worth approximately $95,000. Goldman Sachs Group Inc. boosted its holdings in GCT Semiconductor by 57.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company's stock worth $115,000 after buying an additional 25,535 shares during the period. Finally, Squarepoint Ops LLC bought a new position in GCT Semiconductor in the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors 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.

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