Short Interest in GCT Semiconductor Holding, Inc. (NYSE:GCTS) Drops By 9.1%

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

GCT Semiconductor Price Performance

Shares of GCT Semiconductor stock traded up $0.12 during mid-day trading on Monday, hitting $2.67. 137,490 shares of the stock were exchanged, compared to its average volume of 430,215. GCT Semiconductor has a twelve month low of $2.12 and a twelve month high of $56.00. The company has a 50-day simple moving average of $2.61 and a 200 day simple moving average of $3.63.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other GCT Semiconductor news, major shareholder Anapass, Inc. bought 741,603 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was purchased at an average cost of $3.02 per share, for a total transaction of $2,239,641.06. Following the acquisition, the insider now owns 8,017,466 shares of the company’s stock, valued at $24,212,747.32. The trade was a 10.19 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On GCT Semiconductor

Hedge funds have recently modified their holdings of the company. Rhumbline Advisers acquired a new stake in shares of GCT Semiconductor in the second quarter worth approximately $37,000. Barclays PLC boosted its position in shares of GCT Semiconductor by 321.3% in the third quarter. Barclays PLC now owns 10,799 shares of the company’s stock worth $36,000 after acquiring an additional 8,236 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of GCT Semiconductor by 2.0% in the third quarter. Geode Capital Management LLC now owns 423,584 shares of the company’s stock worth $1,419,000 after acquiring an additional 8,458 shares during the last quarter. State Street Corp boosted its position in shares of 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 acquiring an additional 14,786 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in GCT Semiconductor during the second quarter valued at approximately $89,000. 28.06% of the stock is owned by institutional investors and hedge funds.

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.