Short Interest in GCT Semiconductor Holding, Inc. (NYSE:GCTS) Rises By 49.9%

Key Points

• Short interest jumped 49.9% to 3,252,462 shares as of March 31, representing about 4.7% of the company's stock and a days-to-cover ratio of 2.2.
• GCT shares traded at $1.32 with a market cap of $95.44 million; the company reported quarterly EPS of ($0.15) which beat estimates while revenue of $0.76 million missed consensus, and the 52-week range is $0.90–$2.47.
• Analysts are mixed (consensus = Hold, average target $3.50) though HC Wainwright reiterated a Buy with a $3 target, and institutional ownership is ~28.1% with Goldman Sachs increasing its stake by 57.5%.

GCT Semiconductor Holding, Inc. (NYSE:GCTS - Get Free Report) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totaling 3,252,462 shares, an increase of 49.9% from the March 15th total of 2,169,417 shares. Approximately 4.7% of the company's stock are short sold. Based on an average trading volume of 1,468,247 shares, the days-to-cover ratio is currently 2.2 days.

GCT Semiconductor Price Performance

GCT Semiconductor stock traded down $0.01 during mid-day trading on Tuesday, reaching $1.32. 652,920 shares of the company traded hands, compared to its average volume of 3,917,158. GCT Semiconductor has a fifty-two week low of $0.90 and a fifty-two week high of $2.47. The company has a market capitalization of $95.44 million, a price-to-earnings ratio of -1.64 and a beta of 1.17. The firm's fifty day moving average is $1.21 and its two-hundred day moving average is $1.28.

GCT Semiconductor (NYSE:GCTS - Get Free Report) last issued its quarterly earnings results on Wednesday, March 25th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.22) by $0.07. The company had revenue of $0.76 million for the quarter, compared to analyst estimates of $0.96 million. As a group, equities research analysts predict that GCT Semiconductor will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a "buy" rating and set a $3.00 price objective on shares of GCT Semiconductor in a research note on Monday, March 30th. Two analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, GCT Semiconductor has a consensus rating of "Hold" and an average target price of $3.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new position in GCT Semiconductor during the 4th quarter valued at approximately $26,000. Engineers Gate Manager LP acquired a new position in GCT Semiconductor during the 2nd quarter valued at approximately $37,000. Blair William & Co. IL acquired a new position in GCT Semiconductor during the 3rd quarter valued at approximately $47,000. Bridgeway Capital Management LLC acquired a new position in GCT Semiconductor during the 3rd quarter valued at approximately $76,000. Finally, Goldman Sachs Group Inc. increased its stake in 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 purchasing an additional 25,535 shares in the last quarter. Institutional investors and hedge funds own 28.06% of the company's stock.

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. It also develops and sells cellular IoT chipsets for low-speed mobile networks such as eMTC/NB-IOT/Sigfox, and other network protocols; and 5G solutions. Its products and solutions are used in smartphones, tablets, hotspots, CPEs, USB dongles, routers, and M2M applications.

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