GigaCloud Technology (NASDAQ:GCT) Shares Down 5.6%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price fell 5.6% during trading on Friday . The company traded as low as $18.21 and last traded at $18.35. 545,931 shares changed hands during trading, a decline of 77% from the average session volume of 2,351,572 shares. The stock had previously closed at $19.43.

Wall Street Analysts Forecast Growth

GCT has been the topic of several recent research reports. Aegis raised GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price objective for the company.

GigaCloud Technology Trading Down 6.7 %

The company has a 50-day simple moving average of $23.17 and a 200 day simple moving average of $29.56. The company has a market cap of $739.65 million, a P/E ratio of 7.16 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last posted 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 net margin of 11.57% and a return on equity of 39.75%. The firm’s revenue was up 102.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.45 EPS. On average, equities analysts forecast that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, Director Frank Hurst Lin sold 81,537 shares of the stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the transaction, the director now directly owns 4,447,352 shares in the company, valued at approximately $132,664,510.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other GigaCloud Technology news, President Iman Aj Schrock sold 5,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $30.21, for a total transaction of $151,050.00. Following the completion of the sale, the president now directly owns 25,000 shares of the company’s stock, valued at $755,250. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frank Hurst Lin sold 81,537 shares of GigaCloud Technology stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the completion of the transaction, the director now directly owns 4,447,352 shares in the company, valued at approximately $132,664,510.16. The disclosure for this sale can be found here. Insiders sold a total of 179,748 shares of company stock valued at $5,347,937 in the last ninety days. Corporate insiders own 43.00% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new stake in GigaCloud Technology during the 2nd quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of GigaCloud Technology during the second quarter valued at $66,000. Quarry LP acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $47,000. Tucker Asset Management LLC lifted its position in GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after acquiring an additional 7,499 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in GigaCloud Technology during the 2nd quarter valued at about $259,000. Hedge funds and other institutional investors 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.