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

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) saw 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. Currently, 4.9% of the company's stock are sold short. Based on an average trading volume of 470,900 shares, the short-interest ratio is presently 3.7 days. Based on an average trading volume of 470,900 shares, the short-interest ratio is presently 3.7 days. Currently, 4.9% of the company's stock are sold short.

Analyst Upgrades and Downgrades

Separately, Zacks Research cut shares of GCT Semiconductor from a "hold" rating to a "strong sell" rating in a report on Thursday, August 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $5.00.

Insider Transactions at GCT Semiconductor

In related news, Director Hyunsoo Shin bought 44,067 shares of the company's stock in a transaction that occurred on Friday, September 12th. The shares were bought at an average price of $1.51 per share, for a total transaction of $66,541.17. Following the completion of the acquisition, the director owned 694,321 shares of the company's stock, valued at $1,048,424.71. This trade represents a 6.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.40% of the company's stock.

Hedge Funds Weigh In On GCT Semiconductor

Large investors have recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new stake in GCT Semiconductor in the 2nd quarter valued at about $37,000. Squarepoint Ops LLC purchased a new stake in GCT Semiconductor in the 4th quarter valued at about $45,000. XTX Topco Ltd purchased a new stake in GCT Semiconductor in the 2nd quarter valued at about $95,000. Goldman Sachs Group Inc. boosted its position in GCT Semiconductor by 57.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 69,917 shares of the company's stock valued at $115,000 after buying an additional 25,535 shares during the period. Finally, Jane Street Group LLC purchased a new stake in shares of GCT Semiconductor in the 2nd quarter worth approximately $246,000. 28.06% of the stock is owned by hedge funds and other institutional investors.

GCT Semiconductor Trading Down 3.8%

Shares of GCTS stock traded down $0.07 during trading hours on Friday, reaching $1.64. 452,443 shares of the stock were exchanged, compared to its average volume of 292,507. GCT Semiconductor has a 12-month low of $0.90 and a 12-month high of $3.45. The company's 50-day moving average price is $1.41 and its 200-day moving average price is $1.44. The firm has a market capitalization of $91.33 million, a price-to-earnings ratio of -2.40 and a beta of 1.19.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported ($0.26) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.12). The company had revenue of $1.18 million for the quarter, compared to analysts' expectations of $2.26 million. On average, sell-side analysts expect that GCT Semiconductor will post -0.3 EPS for the current 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.