GT Advanced Technologies (GTAT) Files for Bankruptcy

GT Advanced Technologies Inc. (GTAT) is trading at an unusually high volume Monday with 112,139,801 million shares changing hands. It is currently at more than 10x its 3-month average volume.

GTAT, the maker of sapphire display covers for Apple (AAPL)’s upcoming smartwatch, dipped nearly 10 points, or 88%, in early trading after the company announced that it had filed for bankruptcy court protection under Chapter 11. In a press release , GT said it expects to conduct business as usual while it works to resolve its current issues and develops a reorganization plan.

“GT has a strong and fundamentally sound underlying business,” GT CEO Tom Gutierrez said in a statement. “Today’s filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.”

On valuation-measures, shares of GT Advanced Technologies have a forward P/E of 2.55. P/E to growth ratio is (9.12), while T-12 profit margin is (132.91%). EPS registers at ($1.56). The company has a market cap of $184.30M and prior to today’s nosedive had a median Wall Street price target of $15.00 with a high target of $20.00.

On trading-measure, GTAT has a beta of 3.28 and a short float of 40.80%. In the past 52 weeks, shares of Merrimack, New Hampshire-based tech company have traded between a low of $0.75 and a high of $20.54 with the 50-day MA and 200-day MA located at $14.53 and $15.89 levels, respectively.

GTAT currently prints a one year loss of about 88%.

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