GigaMedia Limited (NASDAQ:GIGM) Sees Large Growth in Short Interest

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GigaMedia Limited (NASDAQ:GIGM) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 10,200 shares, a growth of 104.0% from the September 30th total of 5,000 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 9,900 shares, the days-to-cover ratio is currently 1.0 days.

Shares of GigaMedia stock traded down $0.02 during midday trading on Friday, hitting $2.47. 8,600 shares of the company were exchanged, compared to its average volume of 6,786. The firm has a 50 day simple moving average of $2.48 and a 200-day simple moving average of $2.45. GigaMedia has a 52 week low of $2.20 and a 52 week high of $3.05.

Separately, ValuEngine upgraded GigaMedia from a “hold” rating to a “buy” rating in a research report on Thursday, October 24th.

In related news, CEO Cheng-Ming Huang bought 69,742 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average price of $2.35 per share, for a total transaction of $163,893.70. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.98% of the stock is owned by company insiders.

A hedge fund recently raised its stake in GigaMedia stock. Morgan Stanley raised its holdings in GigaMedia Limited (NASDAQ:GIGM) by 5.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 225,016 shares of the technology company’s stock after purchasing an additional 12,400 shares during the quarter. Morgan Stanley owned approximately 2.04% of GigaMedia worth $531,000 as of its most recent SEC filing. 5.49% of the stock is currently owned by institutional investors and hedge funds.

About GigaMedia

GigaMedia Limited provides digital entertainment services in Taiwan, Hong Kong, and Macau. The company offers mobile and browser-based casual games through FunTown-branded platform. Its portfolio of PC-based casual games include MahJong, a traditional Chinese tile game; sports games, Web-based RPG, and mobile games; online card games; and chance-based games, including bingo, lotto, horse racing, Sic-Bo, slots, and various casual games.

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