Legal & General Group Plc Invests $273.51 Million in GCT Semiconductor Holding, Inc. $GCTS

Legal & General Group Plc bought a new stake in shares of GCT Semiconductor Holding, Inc. (NYSE:GCTS) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 2,893,079 shares of the company’s stock, valued at approximately $273,512,000.

A number of other institutional investors have also recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in GCT Semiconductor during the fourth quarter worth approximately $26,000. Engineers Gate Manager LP purchased a new stake in shares of GCT Semiconductor in the second quarter worth approximately $37,000. Blair William & Co. IL purchased a new stake in GCT Semiconductor in the third quarter worth $47,000. Bridgeway Capital Management LLC purchased a new position in GCT Semiconductor in the 3rd quarter worth about $76,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of GCT Semiconductor by 57.5% during the first quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock valued at $115,000 after acquiring an additional 25,535 shares in the last quarter. Institutional investors own 28.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reiterated 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 note on Monday, August 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $3.50.

GCT Semiconductor Stock Up 1.9%

Shares of GCT Semiconductor stock opened at $1.88 on Thursday. The company has a 50 day moving average price of $2.29 and a 200 day moving average price of $1.91. The firm has a market capitalization of $172.44 million, a P/E ratio of -2.34 and a beta of 1.81. GCT Semiconductor Holding, Inc. has a 52 week low of $0.95 and a 52 week high of $3.93.

GCT Semiconductor (NYSE:GCTS) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.17). The firm had revenue of $0.97 million for the quarter, compared to analyst estimates of $3.30 million. As a group, research analysts anticipate that GCT Semiconductor Holding, Inc. will post -0.69 earnings per share for the current fiscal year.

GCT Semiconductor 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.