GCT Semiconductor Holding, Inc. (NYSE:GCTS) Short Interest Up 71.1% in May

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totaling 5,061,672 shares, a growth of 71.1% from the April 30th total of 2,958,226 shares. Based on an average daily volume of 6,790,589 shares, the short-interest ratio is presently 0.7 days. Currently, 7.4% of the shares of the stock are sold short.

GCT Semiconductor Price Performance

Shares of GCTS stock traded up $0.04 during trading hours on Wednesday, reaching $3.50. The company had a trading volume of 3,117,528 shares, compared to its average volume of 5,305,691. GCT Semiconductor has a 1-year low of $0.95 and a 1-year high of $3.93. The firm has a market cap of $290.78 million, a price-to-earnings ratio of -4.32 and a beta of 1.75. The company has a 50 day moving average of $1.76 and a 200 day moving average of $1.42.

GCT Semiconductor (NYSE:GCTS) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $1.92 million during the quarter, compared to analyst estimates of $1.77 million. As a group, sell-side analysts forecast that GCT Semiconductor will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

GCTS has been the topic of a number of recent research reports. Wall Street Zen downgraded GCT Semiconductor from a “hold” rating to a “sell” rating in a report on Sunday. HC Wainwright restated a “buy” rating and set a $3.00 target price on shares of GCT Semiconductor in a research report on Monday, March 30th. Finally, Weiss Ratings upgraded GCT Semiconductor from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $3.50.

Institutional Investors Weigh In On GCT Semiconductor

Several institutional investors have recently bought and sold shares of the company. XTX Topco Ltd acquired a new stake in shares of GCT Semiconductor during the 4th quarter worth approximately $26,000. Engineers Gate Manager LP bought a new stake in GCT Semiconductor during the second quarter worth $37,000. Blair William & Co. IL acquired a new stake in shares of GCT Semiconductor in the 3rd quarter valued at $47,000. Bridgeway Capital Management LLC bought a new position in shares of GCT Semiconductor in the 3rd quarter valued at $76,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of GCT Semiconductor by 57.5% in 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. Institutional investors own 28.06% of the company’s stock.

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. 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.