GCT Semiconductor (NYSE:GCTS) Issues Earnings Results, Beats Expectations By $0.07 EPS

GCT Semiconductor (NYSE:GCTS) issued its earnings results on Wednesday. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.07, FiscalAI reports. The business had revenue of $0.76 million for the quarter, compared to the consensus estimate of $0.96 million.

GCT Semiconductor Price Performance

NYSE:GCTS traded up $0.05 during trading hours on Wednesday, hitting $1.34. The stock had a trading volume of 3,967,458 shares, compared to its average volume of 4,546,927. The company has a 50 day simple moving average of $1.17 and a two-hundred day simple moving average of $1.32. The firm has a market capitalization of $96.75 million, a price-to-earnings ratio of -1.73 and a beta of 1.23. GCT Semiconductor has a one year low of $0.90 and a one year high of $2.47.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Jane Street Group LLC bought a new stake in GCT Semiconductor during the second quarter valued at $246,000. XTX Topco Ltd bought a new position in GCT Semiconductor in the 2nd quarter worth about $95,000. Vanguard Group Inc. increased its stake in GCT Semiconductor by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock worth $2,407,000 after acquiring an additional 50,799 shares during the last quarter. Bridgeway Capital Management LLC purchased a new stake in shares of GCT Semiconductor in the 3rd quarter valued at about $76,000. Finally, Blair William & Co. IL purchased a new stake in shares of GCT Semiconductor in the 3rd quarter valued at about $47,000. Institutional investors own 28.06% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $3.00 price target on shares of GCT Semiconductor in a research report on Tuesday, January 13th. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, GCT Semiconductor has an average rating of “Hold” and a consensus target price of $3.50.

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.