GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $21.74

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price gapped up before the market opened on Friday . The stock had previously closed at $21.74, but opened at $22.90. GigaCloud Technology shares last traded at $22.96, with a volume of 448,942 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GCT shares. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital began coverage on GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 price target for the company.

GigaCloud Technology Trading Up 9.3 %

The firm has a 50-day simple moving average of $22.01 and a two-hundred day simple moving average of $28.91. The stock has a market cap of $969.34 million, a P/E ratio of 9.25 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results 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 firm had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The business’s revenue was up 102.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. Sell-side analysts predict that GigaCloud Technology Inc. will post 2.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its stake in shares of GigaCloud Technology by 8.1% in the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock valued at $4,369,000 after acquiring an additional 12,278 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology during the fourth quarter worth $2,803,000. Kayne Anderson Rudnick Investment Management LLC increased its holdings 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 period. Aptus Capital Advisors LLC acquired a new position in GigaCloud Technology during the 2nd quarter worth about $2,663,000. Finally, Second Line Capital LLC acquired a new stake in shares of GigaCloud Technology in the second quarter valued at about $2,660,000. 34.94% of the stock is owned by 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.