GigaCloud Technology (NASDAQ:GCT) Trading 4.4% Higher

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) traded up 4.4% during trading on Tuesday . The stock traded as high as $24.02 and last traded at $23.99. 866,202 shares changed hands during trading, a decline of 63% from the average session volume of 2,349,768 shares. The stock had previously closed at $22.98.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a report on Wednesday, August 14th. Lake Street Capital assumed coverage on shares of GigaCloud Technology in a report on Monday, July 29th. They set a “buy” rating and a $50.00 target price on the stock.

GigaCloud Technology Price Performance

The business’s 50-day moving average price is $21.91 and its two-hundred day moving average price is $28.70. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 9.58 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.32. The business had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. GigaCloud Technology’s revenue was up 102.8% compared to the same quarter last year. During the same period last year, the firm posted $0.45 earnings per share. As a group, research analysts predict that GigaCloud Technology Inc. will post 2.67 EPS for the current year.

Institutional Investors Weigh In On GigaCloud Technology

A number of large investors have recently bought and sold shares of the stock. Amalgamated Bank purchased a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $25,000. Quarry LP bought a new position in shares of GigaCloud Technology in the fourth quarter worth approximately $47,000. Benjamin F. Edwards & Company Inc. purchased a new position in GigaCloud Technology in the second quarter worth $66,000. Tucker Asset Management LLC lifted its position in 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 last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in GigaCloud Technology in the second quarter worth $259,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

About GigaCloud Technology

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.