Lake Street Capital Lowers GigaCloud Technology (NASDAQ:GCT) Price Target to $26.00

GigaCloud Technology (NASDAQ:GCT) had its target price cut by Lake Street Capital from $50.00 to $26.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target suggests a potential upside of 57.86% from the stock’s previous close.

Separately, Roth Mkm downgraded shares of GigaCloud Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $32.00 to $15.00 in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GigaCloud Technology has a consensus rating of “Moderate Buy” and an average price target of $36.67.

GigaCloud Technology Stock Up 6.1 %

NASDAQ:GCT opened at $16.47 on Tuesday. The firm has a market capitalization of $674.81 million, a PE ratio of 5.21 and a beta of 1.94. GigaCloud Technology has a 12-month low of $13.60 and a 12-month high of $45.18. The firm has a 50-day moving average price of $19.44 and a 200 day moving average price of $21.23.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The company had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. During the same period in the previous year, the company posted $0.87 earnings per share. On average, research analysts expect that GigaCloud Technology will post 3.1 EPS for the current year.

Insider Activity

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the transaction, the chief technology officer now owns 867,540 shares in the company, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $21.80, for a total transaction of $58,055,056.80. Following the transaction, the insider now directly owns 1,406,813 shares in the company, valued at approximately $30,668,523.40. This represents a 65.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is owned by insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently made changes to their positions in GCT. International Assets Investment Management LLC bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at approximately $1,083,000. Segall Bryant & Hamill LLC bought a new stake in shares of GigaCloud Technology during the third quarter worth $1,556,000. Principal Financial Group Inc. acquired a new position in shares of GigaCloud Technology during the third quarter worth $1,442,000. Charles Schwab Investment Management Inc. lifted its stake in shares of GigaCloud Technology by 279.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company’s stock valued at $4,931,000 after acquiring an additional 158,033 shares during the last quarter. Finally, Lake Hills Wealth Management LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at $332,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.