Wall Street Zen Upgrades GCT Semiconductor (NYSE:GCTS) to Hold

GCT Semiconductor (NYSE:GCTS) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised GCT Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 29th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.00.

GCT Semiconductor Price Performance

GCTS opened at $1.26 on Friday. The stock’s 50 day simple moving average is $1.73 and its 200 day simple moving average is $1.83. The firm has a market cap of $116.34 million, a price-to-earnings ratio of -2.01 and a beta of 1.85. GCT Semiconductor has a 1 year low of $0.95 and a 1 year high of $3.93.

Hedge Funds Weigh In On GCT Semiconductor

A number of hedge funds have recently modified their holdings of GCTS. Commonwealth Equity Services LLC bought a new position in shares of GCT Semiconductor during the third quarter valued at about $35,000. Ground Swell Capital LLC purchased a new stake in shares of GCT Semiconductor during the third quarter worth about $39,000. AXQ Capital LP bought a new stake in shares of GCT Semiconductor in the second quarter worth about $77,000. Engineers Gate Manager LP grew its stake in shares of GCT Semiconductor by 28.6% in the second quarter. Engineers Gate Manager LP now owns 30,248 shares of the company’s stock worth $90,000 after purchasing an additional 6,732 shares during the last quarter. Finally, Spark Investment Management LLC purchased a new position in GCT Semiconductor during the 2nd quarter valued at about $110,000. Hedge funds and other institutional investors own 28.06% of the company’s stock.

GCT Semiconductor Company Profile

GCT Semiconductor is a fabless semiconductor company that develops wireless connectivity chips and related solutions. Its products are designed for cellular applications, including 4G LTE, 5G and the Internet of Things. The company’s offerings include modem and radio-frequency technologies used in devices such as mobile broadband equipment, routers and connected products. GCT works with customers and partners that incorporate its chipsets into wireless devices and systems. Founded in 1998, GCT serves customers in the global wireless communications market.