GCT Semiconductor Holding, Inc. (NYSE:GCTS) Sees Large Drop in Short Interest

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the recipient of a significant 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. Currently, 3.4% of the shares of the stock are sold short. Based on an average trading volume of 339,133 shares, the short-interest ratio is presently 5.5 days. Based on an average trading volume of 339,133 shares, the short-interest ratio is presently 5.5 days. Currently, 3.4% of the shares of the stock are sold short.

Analyst Ratings Changes

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

Insider Buying and Selling

In other GCT Semiconductor news, Director Hyunsoo Shin purchased 25,453 shares of the company’s stock in a transaction on Thursday, November 20th. The shares were purchased at an average cost of $1.28 per share, for a total transaction of $32,579.84. Following the completion of the transaction, the director owned 737,866 shares in the company, valued at $944,468.48. The trade was a 3.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing 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 in the last quarter. 5.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GCT Semiconductor

A number of hedge funds have recently modified their holdings of GCTS. Goldman Sachs Group Inc. boosted its position in GCT Semiconductor by 57.5% during the first 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. XTX Topco Ltd purchased a new stake in shares of GCT Semiconductor during the 2nd quarter worth about $95,000. Jane Street Group LLC purchased a new stake in shares of GCT Semiconductor during the 2nd quarter worth about $246,000. Engineers Gate Manager LP acquired a new stake in shares of GCT Semiconductor during the 2nd quarter valued at about $37,000. Finally, Vanguard Group Inc. grew its stake in shares of GCT Semiconductor by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,583,800 shares of the company’s stock valued at $2,407,000 after buying an additional 50,799 shares in the last quarter. 28.06% of the stock is owned by institutional investors and hedge funds.

GCT Semiconductor Price Performance

Shares of GCTS opened at $1.21 on Wednesday. The business’s 50-day moving average is $1.23 and its 200-day moving average is $1.35. The company has a market capitalization of $68.81 million, a price-to-earnings ratio of -1.56 and a beta of 1.23. GCT Semiconductor has a fifty-two week low of $0.90 and a fifty-two week high of $2.47.

GCT Semiconductor (NYSE:GCTS) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.25) EPS 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 research analysts expect that GCT Semiconductor will post -0.3 earnings per share for the current fiscal year.

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.