GCT Semiconductor (NYSE:GCTS) Posts Earnings Results

GCT Semiconductor (NYSE:GCTS) posted 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 during the quarter, compared to the consensus estimate of $0.96 million.

GCT Semiconductor Stock Up 3.5%

GCTS traded up $0.05 during trading on Wednesday, reaching $1.34. The company had a trading volume of 3,884,885 shares, compared to its average volume of 4,540,836. The business has a 50 day simple moving average of $1.17 and a 200-day simple moving average of $1.32. The stock has a market cap of $96.75 million, a P/E ratio of -1.73 and a beta of 1.23. GCT Semiconductor has a 52 week low of $0.90 and a 52 week high of $2.47.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On GCT Semiconductor

Several institutional investors have recently made changes to their positions in GCTS. Vanguard Group Inc. boosted its stake in shares of 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 period. Geode Capital Management LLC grew its holdings in GCT Semiconductor by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 414,944 shares of the company’s stock valued at $498,000 after purchasing an additional 17,867 shares during the last quarter. Jane Street Group LLC purchased a new stake in GCT Semiconductor in the 2nd quarter worth about $246,000. State Street Corp lifted its stake in GCT Semiconductor by 8.9% in the fourth quarter. State Street Corp now owns 144,689 shares of the company’s stock worth $174,000 after purchasing an additional 11,800 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in GCT Semiconductor by 57.5% in the first quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock worth $115,000 after purchasing an additional 25,535 shares during the last quarter. 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. 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.