GCT Semiconductor (NYSE:GCTS) Posts Quarterly Earnings Results, Misses Estimates By $0.17 EPS

GCT Semiconductor (NYSE:GCTS) announced its quarterly earnings results on Monday. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.17), Zacks reports. The firm had revenue of $0.97 million during the quarter, compared to analysts’ expectations of $3.30 million.

GCT Semiconductor Stock Down 3.5%

Shares of NYSE GCTS traded down $0.09 during mid-day trading on Monday, reaching $2.46. 4,013,164 shares of the company were exchanged, compared to its average volume of 4,639,258. The stock has a market cap of $223.76 million, a price-to-earnings ratio of -3.04 and a beta of 1.81. GCT Semiconductor has a 1 year low of $0.95 and a 1 year high of $3.93. The firm has a 50-day moving average of $2.49 and a 200 day moving average of $1.83.

Analyst Ratings Changes

GCTS has been the topic of several recent research reports. Wall Street Zen upgraded shares of GCT Semiconductor from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings restated a “sell (d-)” rating on shares of GCT Semiconductor in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, GCT Semiconductor currently has an average rating of “Hold” and an average price target of $3.50.

Hedge Funds Weigh In On GCT Semiconductor

Large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in shares of GCT Semiconductor during the fourth quarter valued at about $26,000. Engineers Gate Manager LP purchased a new position in shares of GCT Semiconductor in the 2nd quarter worth approximately $37,000. Blair William & Co. IL purchased a new position in shares of GCT Semiconductor in the 3rd quarter worth approximately $47,000. Bridgeway Capital Management LLC purchased a new position in shares of GCT Semiconductor in the 3rd quarter worth approximately $76,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of GCT Semiconductor by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock worth $115,000 after acquiring an additional 25,535 shares in the last quarter. 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. 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.