GCT Semiconductor Holding, Inc. (NYSE:GCTS) Sees Significant Decline in Short Interest

GCT Semiconductor Holding, Inc. (NYSE:GCTS) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 658,200 shares, a drop of 9.3% from the October 15th total of 725,900 shares. Based on an average trading volume of 358,400 shares, the short-interest ratio is presently 1.8 days. Currently, 2.2% of the company’s stock are sold short.

Insider Activity

In related news, major shareholder Anapass, Inc. acquired 741,603 shares of GCT Semiconductor 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 transaction, the insider now directly owns 8,017,466 shares in the company, valued at $24,212,747.32. This represents a 10.19 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GCT Semiconductor

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers acquired a new stake in shares of GCT Semiconductor in the second quarter worth approximately $37,000. Barclays PLC grew its holdings in shares of GCT Semiconductor by 321.3% in the 3rd quarter. Barclays PLC now owns 10,799 shares of the company’s stock worth $36,000 after acquiring an additional 8,236 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in GCT Semiconductor in the second quarter worth $89,000. FMR LLC acquired a new stake in shares of GCT Semiconductor during the 3rd quarter worth approximately $134,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in GCT Semiconductor by 141.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 42,932 shares of the company’s stock worth $144,000 after purchasing an additional 25,183 shares during the period. Hedge funds and other institutional investors own 28.06% of the company’s stock.

GCT Semiconductor Price Performance

Shares of NYSE:GCTS traded down $0.21 during trading on Tuesday, reaching $2.13. 288,853 shares of the company’s stock traded hands, compared to its average volume of 440,824. GCT Semiconductor has a fifty-two week low of $2.12 and a fifty-two week high of $56.00. The company has a 50-day simple moving average of $2.68 and a 200-day simple moving average of $3.86.

Analyst Upgrades and Downgrades

Separately, B. Riley started 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.

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.