GCT Semiconductor (NYSE:GCTS) Price Target Cut to $5.00 by Analysts at B. Riley

GCT Semiconductor (NYSE:GCTS) had its target price dropped by equities research analysts at B. Riley from $8.00 to $5.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley’s price objective would suggest a potential upside of 129.89% from the company’s previous close.

GCT Semiconductor Stock Performance

GCTS stock opened at $2.18 on Monday. The firm’s 50-day moving average is $2.45 and its two-hundred day moving average is $2.85. GCT Semiconductor has a 52 week low of $2.12 and a 52 week high of $56.00.

Institutional Investors Weigh In On GCT Semiconductor

A number of institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of GCT Semiconductor by 141.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 42,932 shares of the company’s stock worth $144,000 after buying an additional 25,183 shares in the last quarter. FMR LLC acquired a new position in GCT Semiconductor during the third quarter worth about $134,000. Geode Capital Management LLC raised its position in GCT Semiconductor by 2.0% in the third quarter. Geode Capital Management LLC now owns 423,584 shares of the company’s stock worth $1,419,000 after acquiring an additional 8,458 shares in the last quarter. State Street Corp lifted its holdings in GCT Semiconductor by 10.9% in the 3rd quarter. State Street Corp now owns 150,095 shares of the company’s stock valued at $503,000 after acquiring an additional 14,786 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of GCT Semiconductor by 321.3% during the 3rd quarter. Barclays PLC now owns 10,799 shares of the company’s stock valued at $36,000 after purchasing an additional 8,236 shares in the last quarter. 28.06% of the stock is currently owned by institutional investors and hedge funds.

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.