GCT Semiconductor (NYSE:GCTS) Announces Quarterly Earnings Results

GCT Semiconductor (NYSE:GCTS) announced its quarterly earnings results on Wednesday. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.06), Zacks reports. The business had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $1.20 million.

GCT Semiconductor Trading Down 11.0%

Shares of GCTS stock traded down $0.16 during mid-day trading on Thursday, reaching $1.29. The stock had a trading volume of 250,651 shares, compared to its average volume of 349,711. The stock’s 50-day moving average price is $1.48 and its two-hundred day moving average price is $1.40. The firm has a market capitalization of $72.06 million, a PE ratio of -1.90 and a beta of 1.21. GCT Semiconductor has a 52-week low of $0.90 and a 52-week high of $2.81.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GCTS. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of GCT Semiconductor in a research note on Wednesday, October 8th. Zacks Research cut GCT Semiconductor from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, GCT Semiconductor has a consensus rating of “Reduce” and a consensus target price of $5.00.

Insider Buying and Selling

In related news, Director Hyunsoo Shin purchased 44,067 shares of the business’s stock in a transaction that occurred on Friday, September 12th. The shares were acquired at an average price of $1.51 per share, for a total transaction of $66,541.17. Following the completion of the acquisition, the director directly owned 694,321 shares in the company, valued at approximately $1,048,424.71. The trade was a 6.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.40% of the stock is owned by insiders.

Hedge Funds Weigh In On GCT Semiconductor

Several institutional investors and hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new position in GCT Semiconductor in the 2nd quarter valued at approximately $37,000. Blair William & Co. IL bought a new position in GCT Semiconductor in the 3rd quarter worth $47,000. XTX Topco Ltd bought a new position in shares of GCT Semiconductor during the 2nd quarter valued at approximately $95,000. Goldman Sachs Group Inc. grew its holdings in GCT Semiconductor by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock valued at $115,000 after buying an additional 25,535 shares in the last quarter. Finally, Jane Street Group LLC purchased a new stake in GCT Semiconductor during the second quarter valued at $246,000. 28.06% of the stock is currently owned by institutional investors.

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.