GCT Semiconductor Holding, Inc. (NYSE:GCTS) Short Interest Up 242.5% in January

GCT Semiconductor Holding, Inc. (NYSE:GCTS) saw a significant growth in short interest in January. As of January 30th, there was short interest totaling 6,361,212 shares, a growth of 242.5% from the January 15th total of 1,857,151 shares. Currently, 11.8% of the company’s stock are sold short. Based on an average daily trading volume, of 18,668,270 shares, the short-interest ratio is presently 0.3 days. Based on an average daily trading volume, of 18,668,270 shares, the short-interest ratio is presently 0.3 days. Currently, 11.8% of the company’s stock are sold short.

GCT Semiconductor Stock Performance

GCTS traded up $0.04 during midday trading on Friday, hitting $1.28. 2,771,169 shares of the company traded hands, compared to its average volume of 10,476,602. GCT Semiconductor has a 52-week low of $0.90 and a 52-week high of $2.47. The business has a 50 day simple moving average of $1.21 and a two-hundred day simple moving average of $1.34.

GCT Semiconductor (NYSE:GCTS) last posted its quarterly earnings results 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 company had revenue of $0.43 million for the quarter, compared to analysts’ expectations of $1.20 million. Equities analysts anticipate that GCT Semiconductor will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Hyunsoo Shin acquired 25,453 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were purchased at an average price of $1.28 per share, with a total value of $32,579.84. Following the transaction, the director directly owned 737,866 shares in the company, valued at approximately $944,468.48. This represents a 3.57% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders acquired a total of 45,358 shares of company stock worth $58,058 in the last ninety days. 5.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GCT Semiconductor

Several institutional investors and hedge funds have recently bought and sold shares of GCTS. Jane Street Group LLC acquired a new position in GCT Semiconductor during the 2nd quarter worth about $246,000. XTX Topco Ltd purchased a new stake in GCT Semiconductor during the second quarter worth about $95,000. Vanguard Group Inc. lifted its position in shares of GCT Semiconductor by 3.3% during the third quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock worth $2,407,000 after purchasing an additional 50,799 shares in the last quarter. Bridgeway Capital Management LLC acquired a new stake in shares of GCT Semiconductor during the third quarter worth about $76,000. Finally, Blair William & Co. IL purchased a new position in shares of GCT Semiconductor in the third quarter valued at approximately $47,000. 28.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GCTS has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and issued a $3.00 price objective on shares of GCT Semiconductor in a report on Tuesday, January 13th. B. Riley Financial reduced their price target on shares of GCT Semiconductor from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently 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.