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

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

GCT Semiconductor Stock Down 10.4 %

Shares of GCTS opened at $3.00 on Wednesday. The company has a 50-day moving average price of $3.30. GCT Semiconductor has a one year low of $2.35 and a one year high of $56.00.

GCT Semiconductor (NYSE:GCTS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $1.47 million during the quarter. On average, research analysts forecast that GCT Semiconductor will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GCT Semiconductor

In other GCT Semiconductor news, major shareholder Anapass, Inc. purchased 741,603 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were purchased at an average cost of $3.02 per share, with a total value of $2,239,641.06. Following the transaction, the insider now directly owns 8,017,466 shares of the company’s stock, valued at approximately $24,212,747.32. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.21% of the stock is owned by insiders.

Institutional Investors Weigh In On GCT Semiconductor

A hedge fund recently bought a new stake in GCT Semiconductor stock. Rhumbline Advisers acquired a new stake in GCT Semiconductor Holding, Inc. (NYSE:GCTS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,123 shares of the company’s stock, valued at approximately $37,000. Institutional investors and hedge funds own 28.06% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, B. Riley began coverage on GCT Semiconductor in a report on Wednesday, August 28th. They issued a “buy” rating and a $8.00 price objective for the company.

About GCT Semiconductor

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.