GigaCloud Technology (NASDAQ:GCT) Trading Up 2.1%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price shot up 2.1% during trading on Friday . The stock traded as high as $31.19 and last traded at $30.74. 381,283 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 2,805,560 shares. The stock had previously closed at $30.12.

Analyst Ratings Changes

GCT has been the topic of several analyst reports. Maxim Group initiated coverage on GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock. Roth Mkm upped their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, April 2nd.

GigaCloud Technology Stock Down 2.0 %

The stock has a 50-day moving average of $33.27 and a 200 day moving average of $29.14. The company has a market capitalization of $1.20 billion, a PE ratio of 11.60 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.33. The firm had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same period last year, the firm posted $0.39 EPS. Equities analysts forecast that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, Director Frank Hurst Lin sold 92,886 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $36.78, for a total value of $3,416,347.08. Following the sale, the director now directly owns 5,577,003 shares in the company, valued at $205,122,170.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $36.39, for a total value of $727,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,217,994 shares in the company, valued at approximately $44,322,801.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Hurst Lin sold 92,886 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $36.78, for a total transaction of $3,416,347.08. Following the sale, the director now directly owns 5,577,003 shares in the company, valued at approximately $205,122,170.34. The disclosure for this sale can be found here. Insiders sold a total of 1,393,745 shares of company stock worth $48,894,889 in the last quarter. Insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently made changes to their positions in GCT. Raymond James & Associates purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at $517,000. Ritholtz Wealth Management purchased a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $295,000. CWM LLC bought a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $30,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter worth about $622,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of GigaCloud Technology during the fourth quarter worth about $226,000. 34.94% of the stock is currently owned by hedge funds and other 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.