Short Interest in GCT Semiconductor Holding, Inc. (NYSE:GCTS) Drops By 15.8%

GCT Semiconductor Holding, Inc. (NYSE:GCTS) saw a large decline in short interest in the month of January. As of January 15th, there was short interest totaling 1,857,151 shares, a decline of 15.8% from the December 31st total of 2,204,729 shares. Based on an average daily volume of 339,133 shares, the days-to-cover ratio is presently 5.5 days. Approximately 3.4% of the shares of the company are short sold. Approximately 3.4% of the shares of the company are short sold. Based on an average daily volume of 339,133 shares, the days-to-cover ratio is presently 5.5 days.

Insider Activity

In other news, Director Hyunsoo Shin bought 25,453 shares of the stock in a transaction on Thursday, November 20th. The shares were acquired at an average cost of $1.28 per share, for a total transaction of $32,579.84. Following the purchase, the director directly owned 737,866 shares of the company’s stock, valued at $944,468.48. This trade represents a 3.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 45,358 shares of company stock valued at $58,058 over the last quarter. Corporate insiders own 5.40% of the company’s stock.

Hedge Funds Weigh In On GCT Semiconductor

Institutional investors and hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP purchased a new stake in GCT Semiconductor during the 2nd quarter valued at $37,000. Blair William & Co. IL bought a new position in shares of GCT Semiconductor in the 3rd quarter worth $47,000. Bridgeway Capital Management LLC purchased a new stake in shares of GCT Semiconductor during the 3rd quarter valued at $76,000. XTX Topco Ltd acquired a new stake in GCT Semiconductor in the 2nd quarter worth approximately $95,000. Finally, Goldman Sachs Group Inc. grew its stake in GCT Semiconductor by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company’s stock valued at $115,000 after purchasing an additional 25,535 shares during the last quarter. 28.06% of the stock is owned by hedge funds and other institutional investors.

GCT Semiconductor Stock Down 9.5%

GCT Semiconductor stock opened at $1.14 on Monday. GCT Semiconductor has a 52-week low of $0.90 and a 52-week high of $2.47. The company has a market cap of $65.10 million, a P/E ratio of -1.48 and a beta of 1.23. The business has a 50-day simple moving average of $1.23 and a two-hundred day simple moving average of $1.36.

GCT Semiconductor (NYSE:GCTS) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.06). The firm had revenue of $0.43 million during the quarter, compared to analysts’ expectations of $1.20 million. Research analysts anticipate that GCT Semiconductor will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on GCTS. HC Wainwright reaffirmed a “buy” rating and set a $3.00 target price on shares of GCT Semiconductor in a report on Tuesday, January 13th. B. Riley reduced their target price on GCT Semiconductor from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of GCT Semiconductor in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $3.50.

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. It also develops and sells cellular IoT chipsets for low-speed mobile networks such as eMTC/NB-IOT/Sigfox, and other network protocols; and 5G solutions. Its products and solutions are used in smartphones, tablets, hotspots, CPEs, USB dongles, routers, and M2M applications.