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

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 1,060,000 shares, a growth of 36.2% from the April 30th total of 778,200 shares. Based on an average daily trading volume, of 318,700 shares, the short-interest ratio is presently 3.3 days. Currently, 3.7% of the company's stock are sold short.

Insider Activity

In other news, Director Hyunsoo Shin bought 77,000 shares of the stock in a transaction on Friday, May 23rd. The stock was bought at an average cost of $1.04 per share, for a total transaction of $80,080.00. Following the completion of the purchase, the director now directly owns 247,248 shares in the company, valued at approximately $257,137.92. The trade was a 45.23% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.21% of the company's stock.

Institutional Trading of GCT Semiconductor

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers lifted its position in GCT Semiconductor by 798.1% during the fourth quarter. Rhumbline Advisers now owns 51,327 shares of the company's stock valued at $120,000 after purchasing an additional 45,612 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of GCT Semiconductor by 57.5% during 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 last quarter. Renaissance Technologies LLC acquired a new position in shares of GCT Semiconductor in the 4th quarter valued at about $58,000. JPMorgan Chase & Co. boosted its stake in shares of GCT Semiconductor by 488.2% in the third quarter. JPMorgan Chase & Co. now owns 27,258 shares of the company's stock worth $91,000 after buying an additional 22,624 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in GCT Semiconductor during the fourth quarter worth about $45,000. Institutional investors and hedge funds own 28.06% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded GCT Semiconductor from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd.

GCT Semiconductor Trading Down 1.5%

Shares of GCTS stock traded down $0.02 during mid-day trading on Thursday, reaching $1.01. The stock had a trading volume of 443,045 shares, compared to its average volume of 286,915. GCT Semiconductor has a 1-year low of $0.90 and a 1-year high of $5.65. The firm has a market cap of $48.72 million, a price-to-earnings ratio of -2.28 and a beta of 1.24. The business's fifty day moving average is $1.35 and its 200-day moving average is $1.94.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.05). The company had revenue of $0.50 million for the quarter, compared to the consensus estimate of $1.87 million. On average, analysts forecast that GCT Semiconductor will post -0.3 earnings per share for the current year.

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.