GCT Semiconductor Holding, Inc. (NYSE:GCTS) Sees Significant Decline in Short Interest

GCT Semiconductor Holding, Inc. (NYSE:GCTS) was the recipient of a significant decline in short interest during the month of March. As of March 13th, there was short interest totaling 2,169,417 shares, a decline of 19.6% from the February 26th total of 2,699,716 shares. Approximately 3.2% of the shares of the stock are sold short. Based on an average trading volume of 1,094,648 shares, the days-to-cover ratio is currently 2.0 days.

Institutional Investors Weigh In On GCT Semiconductor

A number of institutional investors have recently made changes to their positions in GCTS. XTX Topco Ltd acquired a new stake in GCT Semiconductor in the 4th quarter valued at approximately $26,000. Engineers Gate Manager LP purchased a new position in shares of GCT Semiconductor in the second quarter valued at approximately $37,000. Blair William & Co. IL acquired a new position in shares of GCT Semiconductor in the third quarter valued at approximately $47,000. Bridgeway Capital Management LLC purchased a new stake in GCT Semiconductor during the 3rd quarter worth 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 worth $115,000 after buying an additional 25,535 shares during the period. 28.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and issued a $3.00 price target on shares of GCT Semiconductor in a research report on Tuesday, January 13th. Two analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, GCT Semiconductor presently has an average rating of “Hold” and a consensus target price of $3.50.

GCT Semiconductor Stock Performance

GCTS stock opened at $1.12 on Monday. The firm has a market cap of $80.80 million, a PE ratio of -1.38 and a beta of 1.23. The firm’s 50 day moving average price is $1.18 and its 200-day moving average price is $1.31. GCT Semiconductor has a one year low of $0.90 and a one year high of $2.47.

GCT Semiconductor (NYSE:GCTS) last issued its quarterly earnings data on Wednesday, March 25th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.07. The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $0.96 million. Equities research analysts predict that GCT Semiconductor will post -0.3 EPS for the current fiscal 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. 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.