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

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the target of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 658,200 shares, a drop of 9.3% from the October 15th total of 725,900 shares. Based on an average daily volume of 358,400 shares, the days-to-cover ratio is presently 1.8 days. Currently, 2.2% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, B. Riley started coverage on GCT Semiconductor in a research report on Wednesday, August 28th. They set a “buy” rating and a $8.00 target price for the company.

GCT Semiconductor Trading Down 5.6 %

GCT Semiconductor stock traded down $0.13 during mid-day trading on Tuesday, hitting $2.21. 331,964 shares of the company traded hands, compared to its average volume of 440,885. GCT Semiconductor has a one year low of $2.12 and a one year high of $56.00. The stock has a fifty day moving average price of $2.68 and a 200-day moving average price of $3.86.

Insiders Place Their Bets

In other news, major shareholder Anapass, Inc. purchased 741,603 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was purchased at an average cost of $3.02 per share, with a total value of $2,239,641.06. Following 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GCTS. Bank of New York Mellon Corp bought a new stake in GCT Semiconductor during the second quarter worth about $89,000. Rhumbline Advisers purchased a new position in shares of GCT Semiconductor during the 2nd quarter valued at about $37,000. Charles Schwab Investment Management Inc. lifted its position in GCT Semiconductor by 141.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 42,932 shares of the company’s stock worth $144,000 after buying an additional 25,183 shares during the last quarter. FMR LLC bought a new stake in GCT Semiconductor in the 3rd quarter worth approximately $134,000. Finally, State Street Corp boosted its stake in GCT Semiconductor by 10.9% in the third quarter. State Street Corp now owns 150,095 shares of the company’s stock worth $503,000 after buying an additional 14,786 shares in the last quarter. 28.06% of the stock is currently owned by hedge funds and other institutional investors.

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.