Insider Buying: GCT Semiconductor Holding, Inc. (NYSE:GCTS) Major Shareholder Acquires 741,603 Shares of Stock

GCT Semiconductor Holding, Inc. (NYSE:GCTS) major shareholder Anapass, Inc. purchased 741,603 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were purchased at an average cost of $3.02 per share, for a total transaction of $2,239,641.06. Following the purchase, the insider now directly owns 8,017,466 shares of the company’s stock, valued at $24,212,747.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

GCT Semiconductor Price Performance

GCTS opened at $3.23 on Monday. The stock’s fifty day simple moving average is $3.37. GCT Semiconductor Holding, Inc. has a 52 week low of $2.35 and a 52 week high of $56.00.

GCT Semiconductor (NYSE:GCTS) last released its earnings results on Wednesday, August 14th. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $1.47 million during the quarter. Equities analysts expect that GCT Semiconductor Holding, Inc. will post -0.31 EPS for the current year.

Institutional Investors Weigh In On GCT Semiconductor

A hedge fund recently bought a new stake in GCT Semiconductor stock. Rhumbline Advisers purchased a new position in GCT Semiconductor Holding, Inc. (NYSE:GCTS) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,123 shares of the company’s stock, valued at approximately $37,000. Institutional investors own 28.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, B. Riley started coverage on shares of GCT Semiconductor in a research note on Wednesday, August 28th. They issued a “buy” rating and a $8.00 target price on the stock.

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.