GigaCloud Technology (NASDAQ:GCT) Trading Up 1.5%

GigaCloud Technology Inc. (NASDAQ:GCT) shares were up 1.5% during mid-day trading on Thursday . The stock traded as high as $33.29 and last traded at $32.81. Approximately 313,366 shares changed hands during trading, a decline of 89% from the average daily volume of 2,938,883 shares. The stock had previously closed at $32.34.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on GCT shares. Maxim Group initiated coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock. Roth Mkm raised their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The business’s 50 day moving average price is $33.93 and its 200-day moving average price is $28.02. The firm has a market capitalization of $1.27 billion, a PE ratio of 12.13 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. The business had revenue of $251.08 million for the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same period in the previous year, the firm earned $0.39 EPS. As a group, analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Lei Wu sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The disclosure for this sale can be found here. Insiders have sold a total of 1,628,457 shares of company stock valued at $55,064,956 in the last ninety days. Company insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Large investors have recently modified their holdings of the company. CWM LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $30,000. Quarry LP acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $47,000. PAX Financial Group LLC acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at $141,000. Tucker Asset Management LLC boosted its holdings in shares of GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after buying an additional 7,499 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at $172,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.