GigaCloud Technology (NASDAQ:GCT) Shares Down 4.4%

GigaCloud Technology Inc. (NASDAQ:GCT) shares dropped 4.4% on Tuesday . The company traded as low as $22.09 and last traded at $22.16. Approximately 339,729 shares changed hands during trading, a decline of 86% from the average daily volume of 2,470,395 shares. The stock had previously closed at $23.19.

Analyst Upgrades and Downgrades

GCT has been the topic of a number of research analyst reports. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Maxim Group began coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective on the stock. Finally, Lake Street Capital initiated coverage on GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 target price for the company.

GigaCloud Technology Stock Performance

The firm’s fifty day moving average price is $28.08 and its 200 day moving average price is $31.44. The firm has a market cap of $908.55 million, a P/E ratio of 8.67 and a beta of 1.82.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The company had revenue of $310.90 million during the quarter, compared to analyst estimates of $275.47 million. During the same quarter in the prior year, the business earned $0.45 earnings per share. GigaCloud Technology’s revenue was up 102.8% on a year-over-year basis. As a group, analysts expect that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares in the company, valued at $755,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Frank Hurst Lin sold 87,045 shares of the business’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $32.23, for a total transaction of $2,805,460.35. Following the transaction, the director now directly owns 4,891,063 shares in the company, valued at approximately $157,638,960.49. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the sale, the president now owns 25,000 shares of the company’s stock, valued at $755,250. The disclosure for this sale can be found here. Insiders have sold a total of 457,964 shares of company stock valued at $14,444,329 over the last quarter. 43.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently modified their holdings of the stock. Invst LLC acquired a new position in GigaCloud Technology during the 2nd quarter valued at approximately $359,000. Second Line Capital LLC acquired a new stake in shares of GigaCloud Technology in the second quarter worth $2,660,000. The Manufacturers Life Insurance Company purchased a new position in shares of GigaCloud Technology during the second quarter worth $259,000. Kayne Anderson Rudnick Investment Management LLC lifted its position in GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,318 shares during the period. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in GigaCloud Technology in the second quarter valued at $66,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.