GigaCloud Technology (NASDAQ:GCT) Trading 6.5% Higher

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was up 6.5% during mid-day trading on Tuesday . The stock traded as high as $17.25 and last traded at $17.22. Approximately 583,136 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 2,363,181 shares. The stock had previously closed at $16.17.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on GCT shares. Lake Street Capital started coverage on GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target for the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Finally, Maxim Group started coverage on GigaCloud Technology in a report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target for the company.

GigaCloud Technology Stock Up 12.0 %

The firm has a market capitalization of $792.69 million, a P/E ratio of 7.27 and a beta of 1.76. The stock has a fifty day moving average of $23.41 and a 200-day moving average of $29.63.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. GigaCloud Technology’s quarterly revenue was up 102.8% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. Sell-side analysts predict that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Insider Buying and Selling

In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank Hurst Lin sold 93,211 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $29.66, for a total value of $2,764,638.26. Following the transaction, the director now directly owns 4,219,582 shares of the company’s stock, valued at $125,152,802.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 179,748 shares of company stock worth $5,347,937. 43.00% of the stock is owned by corporate insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology in the second quarter valued at approximately $25,000. Benjamin F. Edwards & Company Inc. acquired a new stake in GigaCloud Technology during the 2nd quarter worth approximately $66,000. Quarry LP acquired a new stake in GigaCloud Technology during the 4th quarter worth approximately $47,000. Csenge Advisory Group lifted its holdings in GigaCloud Technology by 20.0% during the 2nd quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock worth $650,000 after purchasing an additional 3,569 shares during the last quarter. Finally, Tucker Asset Management LLC lifted its holdings in GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after purchasing an additional 7,499 shares during the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

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.