GigaCloud Technology (NASDAQ:GCT) Trading Up 6.7% on Analyst Upgrade

Shares of GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) were up 6.7% on Wednesday after Roth Mkm raised their price target on the stock from $28.00 to $35.00. Roth Mkm currently has a buy rating on the stock. GigaCloud Technology traded as high as $35.84 and last traded at $35.47. Approximately 1,837,792 shares traded hands during trading, a decline of 41% from the average daily volume of 3,135,156 shares. The stock had previously closed at $33.25.

Insider Activity

In related news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now owns 947,540 shares of the company’s stock, valued at $25,829,940.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the sale, the chief operating officer now directly owns 1,148,912 shares of the company’s stock, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 419,287 shares of company stock worth $11,889,805.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new stake in shares of GigaCloud Technology in the third quarter worth approximately $9,634,000. Bridgeway Capital Management LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth approximately $6,036,000. Verition Fund Management LLC acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth approximately $4,613,000. New York State Common Retirement Fund acquired a new stake in shares of GigaCloud Technology in the third quarter worth approximately $1,895,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of GigaCloud Technology in the fourth quarter worth approximately $2,803,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

GigaCloud Technology Price Performance

The stock has a 50 day moving average price of $30.86 and a 200-day moving average price of $19.09. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of 15.42 and a beta of 2.26.

About GigaCloud Technology

(Get Free Report)

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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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