GigaCloud Technology (NASDAQ:GCT) Trading 6.4% Higher – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 6.4% during trading on Friday . The company traded as high as $26.15 and last traded at $26.02. Approximately 912,921 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 2,304,600 shares. The stock had previously closed at $24.45.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. 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 target on the stock.

GigaCloud Technology Price Performance

The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 10.27 and a beta of 1.77. The firm’s 50 day moving average price is $21.59 and its 200-day moving average price is $28.25.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data 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 net margin of 11.57% and a return on equity of 39.75%. The business 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. The firm’s revenue for the quarter was up 102.8% on a year-over-year basis. Analysts expect that GigaCloud Technology Inc. will post 2.67 EPS for the current year.

Institutional Trading of GigaCloud Technology

Several institutional investors have recently modified their holdings of the company. Amalgamated Bank bought a new stake in GigaCloud Technology in the second quarter valued at about $25,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $66,000. Csenge Advisory Group grew its stake in shares of GigaCloud Technology by 20.0% in the 2nd quarter. Csenge Advisory Group now owns 21,372 shares of the company’s stock valued at $650,000 after purchasing an additional 3,569 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of GigaCloud Technology in the 2nd quarter worth approximately $259,000. Finally, Creative Planning acquired a new stake in GigaCloud Technology in the 3rd quarter valued at $207,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.