Weakness Seen in GT Advanced Technologies (GTAT): Stock Tumbles 12.9%
GT Advanced Technologies Inc. (GTAT) saw a big move last session, as the company’s shares fell nearly 13% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading below the volatile price range of $16.31 to $18.60 in the past one-month time frame.
Although this slump was obviously disappointing, the company has seen 2 positive revisions and its current year loss consensus estimates has narrowed over the past few weeks. This suggests that the recent slump might be a temporary blip on the radar for GTAT. So make sure to keep an eye on this stock going forward to see if yesterday’s price decline is confirmed by more weakness, or if it can rebound in the weeks ahead.
GTAT currently has a Zacks Rank #3 (Hold) while its Earnings ESP is 13.33%.
Some better-ranked stocks in the technology sector include Ambarella, Inc. (AMBA), Avago Technologies Limited (AVGO) and Cirrus Logic Inc. (CRUS). All these stocks carry a Zacks Rank #1(Strong Buy).
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GT ADVANCED TECH INC (GTAT): Free Stock Analysis Report
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