GigaCloud Technology (NASDAQ:GCT) Trading 2.1% Higher

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price traded up 2.1% during mid-day trading on Friday . The company 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.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Roth Mkm lifted their price objective on 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 GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective on the stock.

GigaCloud Technology Trading Up 1.0 %

The stock has a market cap of $1.24 billion, a P/E ratio of 11.84 and a beta of 1.87. The company has a 50-day moving average price of $33.18 and a two-hundred day moving average price of $29.35.

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

Insider Activity

In other GigaCloud Technology news, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $40.21, for a total value of $1,769,240.00. Following the transaction, the chief executive officer now owns 533,816 shares of the company’s stock, valued at approximately $21,464,741.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock was sold at an average price of $30.14, for a total value of $482,029.02. Following the transaction, the director now owns 4,588,873 shares of the company’s stock, valued at approximately $138,308,632.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Lei Wu sold 44,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $40.21, for a total value of $1,769,240.00. Following the completion of the sale, the chief executive officer now owns 533,816 shares of the company’s stock, valued at $21,464,741.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,486,956 shares of company stock valued at $51,659,527. 43.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GigaCloud Technology

Several hedge funds have recently made changes to their positions in the company. CWM LLC purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth $30,000. Quarry LP purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth $47,000. Tucker Asset Management LLC lifted its holdings in shares of GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares during the period. Avantax Advisory Services Inc. lifted its holdings in shares of GigaCloud Technology by 86.3% in the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock worth $615,000 after buying an additional 10,659 shares during the period. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of GigaCloud Technology in the 4th quarter worth $207,000. 34.94% of the stock is currently owned by hedge funds and other 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.