GigaMedia Limited (NASDAQ:GIGM) Sees Large Growth in Short Interest
GigaMedia Limited (NASDAQ:GIGM) saw a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 10,200 shares, a growth of 104.0% from the September 30th total of 5,000 shares. Based on an average daily volume of 9,900 shares, the days-to-cover ratio is currently 1.0 days. Approximately 0.2% of the shares of the company are sold short.
In other news, CEO Cheng-Ming Huang bought 69,742 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were bought at an average price of $2.35 per share, with a total value of $163,893.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.98% of the stock is currently owned by corporate insiders.
A hedge fund recently raised its stake in GigaMedia stock. Morgan Stanley increased its stake in shares of GigaMedia Limited (NASDAQ:GIGM) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 225,016 shares of the technology company’s stock after buying an additional 12,400 shares during the quarter. Morgan Stanley owned about 2.04% of GigaMedia worth $531,000 at the end of the most recent reporting period. 5.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of GigaMedia stock traded down $0.02 on Friday, hitting $2.47. The stock had a trading volume of 8,600 shares, compared to its average volume of 6,786. GigaMedia has a twelve month low of $2.20 and a twelve month high of $3.05. The business’s 50 day moving average is $2.48 and its two-hundred day moving average is $2.45.
GigaMedia Limited provides digital entertainment services in Taiwan, Hong Kong, and Macau. The company offers mobile and browser-based casual games through FunTown-branded platform. Its portfolio of PC-based casual games include MahJong, a traditional Chinese tile game; sports games, Web-based RPG, and mobile games; online card games; and chance-based games, including bingo, lotto, horse racing, Sic-Bo, slots, and various casual games.
Read More: How dollar cost averaging works
Receive News & Ratings for GigaMedia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GigaMedia and related companies with MarketBeat.com's FREE daily email newsletter.