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

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the target of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 598,000 shares, a decrease of 9.1% from the October 31st total of 658,200 shares. Based on an average trading volume of 167,400 shares, the days-to-cover ratio is currently 3.6 days. Currently, 2.0% of the company’s stock are short sold.

Insider Buying and Selling

In other news, major shareholder Anapass, Inc. bought 741,603 shares of the stock in a transaction dated Thursday, September 26th. The stock was bought at an average price of $3.02 per share, for a total transaction of $2,239,641.06. Following the completion of the acquisition, the insider now directly owns 8,017,466 shares in the company, valued at approximately $24,212,747.32. This trade represents a 10.19 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On GCT Semiconductor

A number of large investors have recently modified their holdings of GCTS. Rhumbline Advisers bought a new stake in shares of GCT Semiconductor in the 2nd quarter worth approximately $37,000. Barclays PLC lifted its position 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 purchasing an additional 8,236 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of GCT Semiconductor in the 2nd quarter worth about $89,000. FMR LLC purchased a new position in GCT Semiconductor during the 3rd quarter valued at about $134,000. Finally, Charles Schwab Investment Management Inc. lifted its position in GCT Semiconductor by 141.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 42,932 shares of the company’s stock valued at $144,000 after acquiring an additional 25,183 shares during the period. 28.06% of the stock is currently owned by institutional investors.

GCT Semiconductor Price Performance

Shares of GCTS traded down $0.05 during trading hours on Tuesday, hitting $2.57. The company’s stock had a trading volume of 283,202 shares, compared to its average volume of 157,019. The business has a 50 day simple moving average of $2.61 and a two-hundred day simple moving average of $3.63. GCT Semiconductor has a 52-week low of $2.12 and a 52-week high of $56.00.

Wall Street Analyst Weigh In

Separately, B. Riley began coverage on shares of GCT Semiconductor in a research note on Wednesday, August 28th. They issued a “buy” rating and a $8.00 target price 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.