B. Riley Cuts GCT Semiconductor (NYSE:GCTS) Price Target to $5.00

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

GCT Semiconductor Price Performance

Shares of GCTS opened at $2.18 on Monday. The business’s 50-day moving average price is $2.45 and its 200 day moving average price is $2.85. GCT Semiconductor has a 1-year low of $2.12 and a 1-year high of $56.00.

Institutional Trading of GCT Semiconductor

A number of hedge funds have recently modified their holdings of GCTS. Barclays PLC raised its position in GCT Semiconductor by 321.3% during the third quarter. Barclays PLC now owns 10,799 shares of the company’s stock valued at $36,000 after buying an additional 8,236 shares during the period. JPMorgan Chase & Co. grew its stake in GCT Semiconductor by 488.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 27,258 shares of the company’s stock valued at $91,000 after acquiring an additional 22,624 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of GCT Semiconductor by 798.1% in the 4th quarter. Rhumbline Advisers now owns 51,327 shares of the company’s stock valued at $120,000 after purchasing an additional 45,612 shares during the period. FMR LLC purchased a new stake in shares of GCT Semiconductor in the third quarter worth approximately $134,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of GCT Semiconductor by 141.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 42,932 shares of the company’s stock worth $144,000 after purchasing an additional 25,183 shares in the last quarter. Hedge funds and other institutional investors own 28.06% of the company’s stock.

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.