Short Interest in GCT Semiconductor Holding, Inc. (NYSE:GCTS) Decreases By 27.4%

Key Points

• Short interest in GCT Semiconductor decreased by 27.4% as of August 31, totaling 1,720,000 shares.
• The company reported an earnings per share of ($0.26) for the quarter, missing the consensus estimate of ($0.14) by ($0.12).
• Research analysts have downgraded GCT Semiconductor to a "strong sell" rating, with an average price target of $5.00.

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totaling 1,720,000 shares, a drop of 27.4% from the August 15th total of 2,370,000 shares. Based on an average daily trading volume, of 470,900 shares, the days-to-cover ratio is currently 3.7 days. Approximately 4.9% of the company's stock are short sold. Approximately 4.9% of the company's stock are short sold. Based on an average daily trading volume, of 470,900 shares, the days-to-cover ratio is currently 3.7 days.

GCT Semiconductor Trading Down 0.3%

NYSE:GCTS opened at $1.51 on Tuesday. The stock has a market cap of $84.07 million, a P/E ratio of -2.21 and a beta of 1.20. The stock's 50-day moving average is $1.39 and its 200-day moving average is $1.44. GCT Semiconductor has a 1-year low of $0.90 and a 1-year high of $3.45.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.12). The firm had revenue of $1.18 million during the quarter, compared to the consensus estimate of $2.26 million. As a group, equities analysts forecast that GCT Semiconductor will post -0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

GCTS has been the subject of a number of research analyst reports. Wall Street Zen cut shares of GCT Semiconductor from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Zacks Research downgraded GCT Semiconductor from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $5.00.

Hedge Funds Weigh In On GCT Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Engineers Gate Manager LP acquired a new position in shares of GCT Semiconductor in the second quarter worth approximately $37,000. Jane Street Group LLC acquired a new position in GCT Semiconductor in the second quarter valued at approximately $246,000. XTX Topco Ltd acquired a new position in GCT Semiconductor in the second quarter valued at approximately $95,000. Goldman Sachs Group Inc. raised its position in shares of GCT Semiconductor by 57.5% during the first quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company's stock worth $115,000 after purchasing an additional 25,535 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of GCT Semiconductor during the fourth quarter worth approximately $45,000. 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.

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