GigaCloud Technology (NASDAQ:GCT) Stock Price Down 6.1% – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded down 6.1% during mid-day trading on Wednesday . The stock traded as low as $25.07 and last traded at $25.15. 491,817 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 2,290,523 shares. The stock had previously closed at $26.79.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital assumed coverage on GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price target for the company.

GigaCloud Technology Stock Performance

The business has a 50-day simple moving average of $21.84 and a two-hundred day simple moving average of $28.05. The stock has a market cap of $986.06 million, a price-to-earnings ratio of 9.61 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. The firm had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business’s revenue was up 102.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, 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

Several large investors have recently made changes to their positions in the stock. Empowered Funds LLC boosted its holdings in shares of GigaCloud Technology by 8.1% in the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock valued at $4,369,000 after buying an additional 12,278 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of GigaCloud Technology by 60.4% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after buying an additional 34,318 shares during the last quarter. Aptus Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $2,663,000. Second Line Capital LLC acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $2,660,000. Finally, Bank of New York Mellon Corp bought a new stake in GigaCloud Technology in the 2nd quarter valued at $2,000,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.