GCT Semiconductor (NYSE:GCTS) Stock Falls 8.9% – Here’s What Happened

Shares of GCT Semiconductor Holding, Inc. (NYSE:GCTS) were down 8.9% on Thursday. The stock traded as low as $1.3650 and last traded at $1.3850. 1,788,824 shares changed 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.

Wall Street Analyst Weigh In

GCTS has been the subject of a number of recent research reports. Wall Street Zen cut GCT Semiconductor from a “hold” rating to a “sell” rating in a report on Monday, August 17th. Weiss Ratings lowered GCT Semiconductor from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 14th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.50.

GCT Semiconductor Stock Performance

The firm has a market cap of $120.02 million, a price-to-earnings ratio of -1.63 and a beta of 1.78. The business’s 50-day moving average is $1.91 and its 200-day moving average is $2.11.

GCT Semiconductor (NYSE:GCTS) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17). The business had revenue of $0.97 million for the quarter, compared to analysts’ expectations of $3.30 million. Equities research analysts expect that GCT Semiconductor Holding, Inc. will post -0.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Robertson Stephens Wealth Management LLC increased its holdings 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 valued at $966,000 after purchasing an additional 305,500 shares in the last quarter. Engineers Gate Manager LP boosted its stake in GCT Semiconductor by 28.6% in the second quarter. Engineers Gate Manager LP now owns 30,248 shares of the company’s stock worth $90,000 after purchasing an additional 6,732 shares in the last quarter. Spark Investment Management LLC bought a new stake in shares of GCT Semiconductor during the second quarter worth $110,000. Finally, AXQ Capital LP acquired a new stake in shares of GCT Semiconductor in the second quarter valued at $77,000. 28.06% of the stock is owned by institutional investors and hedge funds.

GCT Semiconductor Company Profile

GCT Semiconductor Holding, Inc is a fabless semiconductor company that develops integrated circuit solutions for wireless communications. Its technology is designed to support broadband connectivity across 4G LTE and 5G networks, serving communications equipment manufacturers and network operators.

The company’s product portfolio includes modem chipsets, radio-frequency transceivers and related semiconductor solutions for applications such as fixed wireless access, mobile broadband, small cells and other connected devices.