GigaCloud Technology (NASDAQ:GCT) Trading 0.6% Higher

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) rose 0.6% during trading on Tuesday . The company traded as high as $29.99 and last traded at $29.74. Approximately 157,309 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 2,845,562 shares. The stock had previously closed at $29.55.

Analysts Set New Price Targets

GCT has been the subject of a number of research reports. Roth Mkm boosted their price target 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. Maxim Group assumed coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective for the company.

GigaCloud Technology Trading Up 0.1 %

The stock’s fifty day moving average is $33.40 and its 200 day moving average is $29.13. The company has a market capitalization of $1.20 billion, a P/E ratio of 11.45 and a beta of 1.87.

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

Insiders Place Their Bets

In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GigaCloud Technology news, Director Frank Hurst Lin sold 15,993 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $30.14, for a total value of $482,029.02. Following the completion of the transaction, the director now directly owns 4,588,873 shares in the company, valued at approximately $138,308,632.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Lei Wu sold 20,000 shares of the company’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $36.39, for a total transaction of $727,800.00. Following the completion of the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at $44,322,801.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,312,208 shares of company stock worth $46,462,640. 43.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its position 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 worth $4,369,000 after buying an additional 12,278 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth about $2,803,000. Pacific Ridge Capital Partners LLC grew its position in shares of GigaCloud Technology by 27.1% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 84,617 shares of the company’s stock worth $1,548,000 after buying an additional 18,049 shares during the period. Tidal Investments LLC purchased a new stake in shares of GigaCloud Technology in the 1st quarter worth about $1,731,000. Finally, Nomura Holdings Inc. purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth about $991,000. 34.94% of the stock is currently owned by institutional investors.

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.