GigaCloud Technology Sees Unusually Large Options Volume (NASDAQ:GCT)

GigaCloud Technology Inc. (NASDAQ:GCT) saw some unusual options trading on Friday. Stock traders bought 7,740 call options on the company. This is an increase of approximately 108% compared to the typical volume of 3,726 call options.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GCT. Janney Montgomery Scott LLC acquired a new position in shares of GigaCloud Technology in the 1st quarter valued at $599,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in GigaCloud Technology by 60.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company’s stock valued at $2,772,000 after acquiring an additional 34,318 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in GigaCloud Technology during the second quarter valued at about $2,000,000. Nomura Holdings Inc. acquired a new stake in GigaCloud Technology during the fourth quarter worth about $991,000. Finally, Aptus Capital Advisors LLC purchased a new position in shares of GigaCloud Technology in the 2nd quarter worth about $2,663,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They set a “buy” rating and a $50.00 price target on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Stock Up 7.1 %

Shares of NASDAQ:GCT opened at $25.24 on Friday. The company has a market capitalization of $1.03 billion, a P/E ratio of 9.82 and a beta of 1.77. GigaCloud Technology has a 52-week low of $7.71 and a 52-week high of $45.18. The stock’s fifty day simple moving average is $21.51 and its 200-day simple moving average is $28.39.

GigaCloud Technology (NASDAQ:GCT) last released its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.32. The company had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The firm’s quarterly revenue was up 102.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. On average, sell-side analysts anticipate that GigaCloud Technology will post 2.67 earnings per share for the current year.

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.