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

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

GCT Semiconductor Stock Down 6.8 %

NYSE:GCTS traded down $0.16 during mid-day trading on Tuesday, reaching $2.18. 215,092 shares of the company were exchanged, compared to its average volume of 440,479. GCT Semiconductor has a 12 month low of $2.18 and a 12 month high of $56.00. The company has a fifty day moving average of $2.68 and a 200 day moving average of $3.86.

Insider Buying and Selling

In other news, major shareholder Anapass, Inc. bought 741,603 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were acquired at an average cost of $3.02 per share, with a total value of $2,239,641.06. Following the completion of the transaction, the insider now directly owns 8,017,466 shares in the company, valued at $24,212,747.32. This represents a 10.19 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.21% of the stock is owned by insiders.

Institutional Trading of GCT Semiconductor

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp bought a new stake in shares of GCT Semiconductor in the 2nd quarter valued at $89,000. Rhumbline Advisers acquired a new stake in shares of GCT Semiconductor during the second quarter worth about $37,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 purchasing an additional 25,183 shares in the last quarter. FMR LLC acquired a new position in shares of GCT Semiconductor in the 3rd quarter valued at approximately $134,000. Finally, State Street Corp increased its stake in GCT Semiconductor by 10.9% during the 3rd quarter. State Street Corp now owns 150,095 shares of the company’s stock worth $503,000 after purchasing an additional 14,786 shares in the last quarter. Institutional investors own 28.06% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, B. Riley initiated 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.

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.