GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) shares shot up 4.4% on Tuesday . The company traded as high as $24.02 and last traded at $23.99. 866,202 shares were traded during trading, a decline of 63% from the average session volume of 2,349,768 shares. The stock had previously closed at $22.98.
Analysts Set New Price Targets
A number of brokerages recently weighed in on GCT. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital began coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price objective for the company.
Check Out Our Latest Research Report on GigaCloud Technology
GigaCloud Technology Price Performance
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the firm earned $0.45 earnings per share. GigaCloud Technology’s revenue for the quarter was up 102.8% compared to the same quarter last year. As a group, analysts expect that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.
Institutional Investors Weigh In On GigaCloud Technology
A number of hedge funds have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in GigaCloud Technology in the 2nd quarter valued at about $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology in the 2nd quarter worth approximately $66,000. Quarry LP bought a new stake in GigaCloud Technology in the fourth quarter valued at approximately $47,000. Csenge Advisory Group raised its holdings in shares of GigaCloud Technology by 20.0% during the second quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock valued at $650,000 after acquiring an additional 3,569 shares in the last quarter. Finally, Tucker Asset Management LLC raised its holdings in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares in the last quarter. 34.94% of the stock is currently 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.
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