GCT Semiconductor (NYSE:GCTS) Stock Falls 8.9% - Should You Sell?

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) traded down 8.9% on Thursday. The stock traded as low as $1.3650 and last traded at $1.3850. 1,788,824 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 1,635,245 shares. The stock had previously closed at $1.52.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Weiss Ratings cut GCT Semiconductor from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, October 14th. Wall Street Zen downgraded shares of GCT Semiconductor from a "hold" rating to a "sell" rating in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $3.50.

GCT Semiconductor Trading Down 8.9%

The firm has a market cap of $127.38 million, a PE ratio of -1.73 and a beta of 1.78. The stock's 50 day moving average price is $1.93 and its 200 day moving average price is $2.12.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.17). The company had revenue of $0.97 million for the quarter, compared to analysts' expectations of $3.30 million. Analysts forecast that GCT Semiconductor Holding, Inc. will post -0.69 earnings per share for the current year.

Institutional Investors Weigh In On GCT Semiconductor

Institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP grew its stake in shares of GCT Semiconductor by 28.6% in the second quarter. Engineers Gate Manager LP now owns 30,248 shares of the company's stock valued at $90,000 after buying an additional 6,732 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of GCT Semiconductor during the 2nd quarter valued at about $77,000. Spark Investment Management LLC acquired a new position in GCT Semiconductor during the 2nd quarter worth approximately $110,000. Finally, Robertson Stephens Wealth Management LLC lifted its position in GCT Semiconductor by 203.7% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 455,500 shares of the company's stock worth $966,000 after acquiring an additional 305,500 shares in the last quarter. Hedge funds and other institutional investors own 28.06% of the company's stock.

About GCT Semiconductor

GCT Semiconductor Holding, Inc is a fabless semiconductor company that develops and markets wireless communications solutions. Its technology is designed to support high-speed broadband connectivity across fixed wireless access, mobile broadband, private networks and other wireless applications.

The company's product portfolio includes system-on-chip solutions, modem chipsets, radio-frequency transceivers and related semiconductor components. These products are intended for use in customer-premises equipment, small cells, wireless infrastructure and other devices that connect to cellular and broadband networks.

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