GCT Semiconductor's (GCTS) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• Buy rating reaffirmed by HC Wainwright with a $3 price target, implying roughly a 169% upside from current levels.
• GCT's most recent quarterly results (reported March 25) showed EPS of ($0.15), beating estimates of ($0.22) by $0.07, but revenue of $0.76M missed expectations and analysts still forecast a negative ~-0.3 EPS for the year.
• The company is a small-cap fabless semiconductor maker (~$80.8M market cap) with about 28% institutional ownership; Goldman Sachs raised its stake by 57.5% to 69,917 shares, indicating growing institutional interest.

GCT Semiconductor (NYSE:GCTS - Get Free Report)'s stock had its "buy" rating reissued by analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They presently have a $3.00 price target on the stock. HC Wainwright's price objective suggests a potential upside of 169.06% from the company's current price.

GCT Semiconductor Price Performance

GCT Semiconductor stock opened at $1.12 on Monday. The stock has a market capitalization of $80.80 million, a P/E ratio of -1.38 and a beta of 1.23. GCT Semiconductor has a 12-month low of $0.90 and a 12-month high of $2.47. The firm's 50-day moving average is $1.18 and its two-hundred day moving average is $1.31.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last posted its quarterly earnings data on Wednesday, March 25th. The company reported ($0.15) earnings per share for the quarter, beating analysts' consensus estimates of ($0.22) by $0.07. The firm had revenue of $0.76 million during the quarter, compared to analyst estimates of $0.96 million. As a group, analysts forecast that GCT Semiconductor will post -0.3 EPS for the current year.

Hedge Funds Weigh In On GCT Semiconductor

Several institutional investors have recently added to or reduced their stakes in the business. XTX Topco Ltd purchased a new position in GCT Semiconductor during the fourth quarter worth about $26,000. Engineers Gate Manager LP purchased a new stake in GCT Semiconductor in the 2nd quarter valued at about $37,000. Blair William & Co. IL acquired a new position in shares of GCT Semiconductor during the 3rd quarter valued at about $47,000. Bridgeway Capital Management LLC acquired a new position in shares of GCT Semiconductor during the 3rd quarter valued at about $76,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of GCT Semiconductor by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company's stock worth $115,000 after acquiring an additional 25,535 shares during the period. 28.06% of the stock is currently owned by institutional investors and hedge funds.

About GCT Semiconductor

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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