GTAT wouldn't be taken over for such a measly premium. The management is working on growing the company not getting rid of it. It is a profitable company, but for understandable reasons the stock isn't doing that well right now. Corning stock isn't doing very well right now either, for that matter.
In my opinion people with a medium to long term horizon should buy this company at the present time. If you are looking for a quicker buck you might still make a nice profit because the stock price is so low right now, but with so many uncertainties in the near future for this company it is a much more risky bet if you are going to need to sell the stock in the next 6 months or so. If you can just hold it for a year or two, I believe there is quite a bit of money to be made. It is not a good stock to buy on margin, because it could go under $3 before the down trend is reversed. Right now this isn't even an easy stock to trade, because it hasn't established a range at these low dollars, but once things stabilize money can also be made trading this stock.
Sentiment: Hold