B. Riley Lowers GCT Semiconductor (NYSE:GCTS) Price Target to $4.00

GCT Semiconductor (NYSE:GCTS) had its price objective reduced by analysts at B. Riley from $4.50 to $4.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s target price would suggest a potential upside of 211.28% from the company’s previous close.

A number of other brokerages have also recently issued reports on GCTS. Zacks Research cut GCT Semiconductor from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of GCT Semiconductor in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $4.00.

GCT Semiconductor Stock Performance

Shares of NYSE GCTS traded down $0.17 during midday trading on Thursday, hitting $1.29. 394,453 shares of the stock traded hands, compared to its average volume of 350,401. The company has a market cap of $71.78 million, a PE ratio of -1.89 and a beta of 1.21. The business has a 50 day moving average price of $1.48 and a two-hundred day moving average price of $1.40. GCT Semiconductor has a one year low of $0.90 and a one year high of $2.81.

GCT Semiconductor (NYSE:GCTS) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.06). The firm had revenue of $0.43 million during the quarter, compared to the consensus estimate of $1.20 million. As a group, equities research analysts forecast that GCT Semiconductor will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hyunsoo Shin acquired 44,067 shares of GCT Semiconductor stock in a transaction dated Friday, September 12th. The stock was purchased at an average cost of $1.51 per share, for a total transaction of $66,541.17. Following the completion of the purchase, the director directly owned 694,321 shares in the company, valued at $1,048,424.71. This trade represents a 6.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.40% of the company’s stock.

Institutional Investors Weigh In On GCT Semiconductor

Several institutional investors and hedge funds have recently added to or reduced their stakes in GCTS. Vanguard Group Inc. lifted its holdings in GCT Semiconductor by 3.3% during the third quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock valued at $2,407,000 after purchasing an additional 50,799 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of GCT Semiconductor during the second quarter valued at approximately $246,000. Goldman Sachs Group Inc. lifted 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 valued at $115,000 after purchasing an additional 25,535 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of GCT Semiconductor in the second quarter worth about $95,000. Finally, Blair William & Co. IL acquired a new position in shares of GCT Semiconductor during the 3rd quarter worth approximately $47,000. 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.