GigaCloud Technology (NASDAQ:GCT) Shares Down 6.8% – Here’s What Happened

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) dropped 6.8% during trading on Monday . The company traded as low as $25.69 and last traded at $26.03. Approximately 1,517,576 shares changed hands during trading, a decline of 32% from the average daily volume of 2,235,089 shares. The stock had previously closed at $27.93.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GCT shares. Aegis raised shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock.

GigaCloud Technology Stock Down 3.7 %

The stock has a fifty day moving average price of $22.37 and a two-hundred day moving average price of $27.15. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 8.49 and a beta of 1.78.

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology during the 2nd quarter worth approximately $25,000. MFA Wealth Advisors LLC bought a new stake in GigaCloud Technology during the third quarter worth $26,000. New York State Teachers Retirement System bought a new stake in GigaCloud Technology during the third quarter worth $49,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at $66,000. Finally, Banque Cantonale Vaudoise increased its stake in shares of GigaCloud Technology by 345.6% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock valued at $167,000 after purchasing an additional 5,651 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.