Korea Investment CORP Purchases Shares of 268,499 GCT Semiconductor Holding, Inc. $GCTS

Korea Investment CORP purchased a new position in shares of GCT Semiconductor Holding, Inc. (NYSE:GCTS) in the second quarter, HoldingsChannel.com reports. The firm purchased 268,499 shares of the company’s stock, valued at approximately $25,384,000.

Several other hedge funds have also recently made changes to their positions in GCTS. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of GCT Semiconductor in the 2nd quarter valued at about $91,956,000. Bank of New York Mellon Corp bought a new stake in GCT Semiconductor in the second quarter worth approximately $210,594,000. Danske Bank A S bought a new stake in GCT Semiconductor in the second quarter worth approximately $24,276,000. Great Lakes Advisors LLC acquired a new position in GCT Semiconductor in the second quarter valued at approximately $25,484,000. Finally, Global Retirement Partners LLC acquired a new position in GCT Semiconductor in the second quarter valued at approximately $1,513,000. 28.06% of the stock is owned by institutional investors.

GCT Semiconductor Price Performance

Shares of GCTS opened at $2.02 on Monday. The stock has a 50-day moving average of $2.33 and a 200-day moving average of $1.90. The company has a market cap of $186.24 million, a PE ratio of -2.53 and a beta of 1.81. GCT Semiconductor Holding, Inc. has a one year low of $0.95 and a one year high of $3.93.

GCT Semiconductor (NYSE:GCTS) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.17). The company had revenue of $0.97 million during the quarter, compared to analyst estimates of $3.30 million. Analysts expect that GCT Semiconductor Holding, Inc. will post -0.69 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on GCTS. Weiss Ratings restated a “sell (d-)” rating on shares of GCT Semiconductor in a report on Monday, August 3rd. Wall Street Zen downgraded shares of GCT Semiconductor from a “hold” rating to a “sell” rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, GCT Semiconductor presently has an average rating of “Hold” and a consensus target price of $3.50.

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.