GCT Semiconductor (NYSE:GCTS) Stock Price Down 0.7%

GCT Semiconductor Holding, Inc. (NYSE:GCTS)’s share price dropped 0.7% during trading on Friday . The company traded as low as $2.71 and last traded at $2.76. Approximately 186,441 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 511,804 shares. The stock had previously closed at $2.78.

Wall Street Analyst Weigh In

Separately, B. Riley initiated coverage on shares of GCT Semiconductor in a report on Wednesday, August 28th. They issued a “buy” rating and a $8.00 price target on the stock.

GCT Semiconductor Price Performance

The business has a 50 day simple moving average of $3.57.

GCT Semiconductor (NYSE:GCTS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $1.47 million for the quarter. On average, analysts predict that GCT Semiconductor Holding, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Trading of GCT Semiconductor

An institutional investor recently bought a new position in GCT Semiconductor stock. Rhumbline Advisers purchased a new position in GCT Semiconductor Holding, Inc. (NYSE:GCTS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,123 shares of the company’s stock, valued at approximately $37,000. 28.06% of the stock is owned by hedge funds and other institutional investors.

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.