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With shares of GT Advanced Technologies Inc (NASDAQ: GTAT) trading down to under $1.00 a one point this week on news of the company filing Chapter 11 bankruptcy protection, the sudden and unexpected fall has raised a few questions for investors.
Until more clarity emerges on the financial shape of GT Advanced's pre-bankruptcy announcement, everything is speculation. Some analysts had questions to ponder.
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"This is just off the charts," said Bill Feingold, co-founder of Valhalla, New York-based Hillside Advisors LLC. To trade well above par and then "go to bankruptcy in one fell swoop, you just simply don't see it."
"I can't recall one like this before," Lawrence Creatura, a fund manager at Pittsburgh-based Federated Investors Inc., told Bloomberg. Federated did not own GT Advanced shares as of its most recent filing, he said. "Ordinarily, bankruptcies are a ‘slow death by a thousand cuts' type of affair. This one is unusual in its suddenness."
Cowen analyst Jeffrey Osborne said the bankruptcy filing was "certainly a surprise" and likely because Apple Inc. has called back a loan it made to GT Advanced.
Pacific Crest's Weston Twigg said Monday that the GT Advanced/Apple relationship may likely end, with Apple probably taking ownership of the factory equipment and exercising rights to use GT Advanced's sapphire IP.
Shares of GT Advanced traded at $1.08 Wednesday afternoon, down 11 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.