B. Riley Issues Pessimistic Forecast for GCT Semiconductor (NYSE:GCTS) Stock Price

GCT Semiconductor (NYSE:GCTS) had its price target cut by B. Riley from $4.50 to $4.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. B. Riley’s price objective indicates a potential upside of 211.28% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Zacks Research cut shares of GCT Semiconductor from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of GCT Semiconductor in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $4.00.

GCT Semiconductor Price Performance

GCT Semiconductor stock traded down $0.17 during mid-day trading on Thursday, reaching $1.29. 394,453 shares of the company traded hands, compared to its average volume of 350,401. The firm’s fifty day moving average is $1.48 and its two-hundred day moving average is $1.40. GCT Semiconductor has a fifty-two week low of $0.90 and a fifty-two week high of $2.81. The company has a market capitalization of $71.78 million, a price-to-earnings ratio of -1.89 and a beta of 1.21.

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

Insiders Place Their Bets

In related news, Director Hyunsoo Shin bought 44,067 shares of the company’s stock in a transaction on Friday, September 12th. The stock was bought at an average cost of $1.51 per share, with a total value of $66,541.17. Following the completion of the purchase, the director 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 legal filing with the SEC, which is available through the SEC website. Insiders own 5.40% of the company’s stock.

Institutional Trading of GCT Semiconductor

Hedge funds and other institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP acquired a new position in GCT Semiconductor during the 2nd quarter worth $37,000. Goldman Sachs Group Inc. increased its stake in shares of 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 buying an additional 25,535 shares during the period. Blair William & Co. IL bought a new stake in shares of GCT Semiconductor during the third quarter worth $47,000. Vanguard Group Inc. raised its holdings in GCT Semiconductor by 3.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock worth $2,407,000 after purchasing an additional 50,799 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of GCT Semiconductor in the 2nd quarter valued at about $95,000. Institutional investors and hedge funds own 28.06% of the company’s stock.

About GCT Semiconductor

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.