Short Interest in GigaMedia Limited (NASDAQ:GIGM) Expands By 24.2%

GigaMedia Limited (NASDAQ:GIGMGet Rating) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 106,900 shares, a growth of 24.2% from the March 15th total of 86,100 shares. Based on an average daily volume of 40,800 shares, the short-interest ratio is currently 2.6 days.

Separately, StockNews.com began coverage on shares of GigaMedia in a report on Tuesday. They set a “sell” rating on the stock.

NASDAQ GIGM traded down $0.02 on Tuesday, reaching $1.66. The company had a trading volume of 19,097 shares, compared to its average volume of 37,477. The stock has a market cap of $18.34 million, a PE ratio of -5.19 and a beta of 0.22. The stock’s 50 day moving average is $1.86. GigaMedia has a 12 month low of $1.64 and a 12 month high of $3.34.

A hedge fund recently raised its stake in GigaMedia stock. Morgan Stanley lifted its holdings in GigaMedia Limited (NASDAQ:GIGMGet Rating) by 3.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 324,666 shares of the technology company’s stock after buying an additional 9,440 shares during the period. Morgan Stanley owned about 2.94% of GigaMedia worth $984,000 at the end of the most recent reporting period. Institutional investors own 3.48% of the company’s stock.

About GigaMedia (Get Rating)

GigaMedia Limited provides digital entertainment services in Taiwan and Hong Kong. The company operates FunTown, a digital entertainment portal that offers mobile and browser-based casual games through -branded platform. It offers MahJong, a traditional Chinese tile-based game; casual card and table games; online card games; and chance-based games, including bingo, lotto, horse racing, Sic-Bo, slots, and various casual games.

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