GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $35.09

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $35.09, but opened at $35.85. GigaCloud Technology shares last traded at $35.47, with a volume of 765,580 shares trading hands.

Wall Street Analyst Weigh In

Separately, Roth Mkm upped their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

GigaCloud Technology Stock Down 2.1 %

The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 14.95 and a beta of 2.26. The company’s fifty day simple moving average is $32.50 and its 200 day simple moving average is $20.58.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The business had revenue of $244.74 million during the quarter, compared to analysts’ expectations of $220.30 million. As a group, analysts anticipate that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the transaction, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at $36,882,792.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the sale, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at $36,882,792.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frank Hurst Lin sold 133,097 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares of the company’s stock, valued at $175,119,494.76. The disclosure for this sale can be found here. Insiders have sold 461,287 shares of company stock worth $13,340,395 in the last 90 days.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. PAX Financial Group LLC bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $141,000. Acadian Asset Management LLC acquired a new position in GigaCloud Technology during the third quarter worth $9,634,000. Ritholtz Wealth Management bought a new position in shares of GigaCloud Technology in the fourth quarter valued at $295,000. WINTON GROUP Ltd acquired a new position in shares of GigaCloud Technology during the third quarter valued at about $258,000. Finally, New York State Common Retirement Fund bought a new stake in shares of GigaCloud Technology during the third quarter worth about $1,895,000. 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.