Short Interest in GCT Semiconductor Holding, Inc. (NYSE:GCTS) Expands By 5.8%

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,090,000 shares, a growth of 5.8% from the August 31st total of 1,030,000 shares. Based on an average daily volume of 384,900 shares, the days-to-cover ratio is presently 2.8 days. Currently, 3.6% of the company’s shares are sold short.

GCT Semiconductor Stock Down 10.4 %

NYSE GCTS traded down $0.35 on Tuesday, reaching $3.00. The company had a trading volume of 258,779 shares, compared to its average volume of 497,765. The firm’s 50-day moving average is $3.34. GCT Semiconductor has a 1 year low of $2.35 and a 1 year high of $56.00.

GCT Semiconductor (NYSE:GCTS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $1.47 million for the quarter. Sell-side analysts anticipate that GCT Semiconductor will post -0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, B. Riley initiated coverage on shares of GCT Semiconductor in a research note on Wednesday, August 28th. They set a “buy” rating and a $8.00 price objective for the company.

Insider Buying and Selling

In related news, major shareholder Anapass, Inc. acquired 741,603 shares of the company’s stock in a transaction dated Thursday, September 26th. The stock was bought at an average price of $3.02 per share, with a total value of $2,239,641.06. Following the purchase, the insider now directly owns 8,017,466 shares in the company, valued at approximately $24,212,747.32. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by company insiders.

Institutional Trading of GCT Semiconductor

An institutional investor recently bought a new position in GCT Semiconductor stock. Bank of New York Mellon Corp bought a new stake in GCT Semiconductor Holding, Inc. (NYSE:GCTS) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 17,161 shares of the company’s stock, valued at approximately $89,000. 28.06% of the stock is currently owned by hedge funds and other institutional investors.

GCT Semiconductor Company Profile

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.