GigaCloud Technology (NASDAQ:GCT) Trading 6.5% Higher

GigaCloud Technology Inc. (NASDAQ:GCT) shares traded up 6.5% on Tuesday . The company traded as high as $17.25 and last traded at $17.22. 583,136 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 2,363,181 shares. The stock had previously closed at $16.17.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GCT shares. Lake Street Capital started coverage on GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock. Aegis raised GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Finally, Maxim Group started coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 target price on the stock.

GigaCloud Technology Stock Performance

The company has a 50-day simple moving average of $23.41 and a 200 day simple moving average of $29.63. The company has a market capitalization of $792.69 million, a P/E ratio of 7.27 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.71 by $0.32. The company had revenue of $310.90 million for 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 company’s revenue for the quarter was up 102.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 2.67 earnings per share for the current year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, Director Frank Hurst Lin sold 93,211 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total value of $2,764,638.26. Following the transaction, the director now owns 4,219,582 shares of the company’s stock, valued at $125,152,802.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other GigaCloud Technology news, Director Frank Hurst Lin sold 93,211 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $29.66, for a total value of $2,764,638.26. Following the transaction, the director now owns 4,219,582 shares of the company’s stock, valued at $125,152,802.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Iman Aj Schrock sold 5,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $30.21, for a total value of $151,050.00. Following the completion of the transaction, the president now directly owns 25,000 shares in the company, valued at approximately $755,250. The disclosure for this sale can be found here. Insiders have sold 179,748 shares of company stock worth $5,347,937 over the last three months. Company insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in GCT. Quadrature Capital Ltd acquired a new position in GigaCloud Technology in the fourth quarter valued at about $2,803,000. Aptus Capital Advisors LLC acquired a new position in GigaCloud Technology in the second quarter valued at about $2,663,000. Second Line Capital LLC acquired a new position in GigaCloud Technology in the second quarter valued at about $2,660,000. Bank of New York Mellon Corp acquired a new position in GigaCloud Technology in the second quarter valued at about $2,000,000. Finally, Tidal Investments LLC acquired a new position in GigaCloud Technology in the first quarter valued at about $1,731,000. 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.