GigaCloud Technology (NASDAQ:GCT) Stock Price Down 5.6%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) fell 5.6% during trading on Friday . The company traded as low as $18.21 and last traded at $18.35. 545,931 shares traded hands during trading, a decline of 77% from the average session volume of 2,351,572 shares. The stock had previously closed at $19.43.

Analyst Upgrades and Downgrades

A number of analysts have commented on GCT shares. Lake Street Capital began coverage on GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 price objective for the company. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th.

GigaCloud Technology Trading Down 5.8 %

The business has a 50 day moving average price of $22.93 and a 200-day moving average price of $29.34. The company has a market cap of $746.59 million, a P/E ratio of 7.12 and a beta of 1.76.

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

Insider Buying and Selling

In other news, President Iman Aj Schrock sold 5,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were 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 in the company, valued at $755,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, President Iman Aj Schrock sold 5,000 shares of GigaCloud Technology stock in a transaction on Thursday, June 27th. The shares were 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 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 available through this link. Also, Director Frank Hurst Lin sold 81,537 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $29.83, for a total value of $2,432,248.71. Following the transaction, the director now owns 4,447,352 shares in the company, valued at $132,664,510.16. The disclosure for this sale can be found here. Insiders sold a total of 179,748 shares of company stock worth $5,347,937 in the last ninety days. 43.00% of the stock is owned by insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently modified their holdings of GCT. Sanctuary Advisors LLC bought a new position in shares of GigaCloud Technology in the second quarter valued at approximately $1,595,000. Invst LLC purchased a new position in shares of GigaCloud Technology during the second quarter worth approximately $359,000. Second Line Capital LLC bought a new stake in GigaCloud Technology in the second quarter worth $2,660,000. The Manufacturers Life Insurance Company bought a new stake in shares of GigaCloud Technology in the 2nd quarter valued at about $259,000. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its position in GigaCloud Technology by 60.4% in 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 last quarter. 34.94% of the stock is owned by institutional investors.

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.