GigaCloud Technology (NASDAQ:GCT) Trading Up 5%

GigaCloud Technology Inc. (NASDAQ:GCT) rose 5% on Wednesday . The stock traded as high as $19.80 and last traded at $19.76. Approximately 937,435 shares changed hands during trading, a decline of 60% from the average daily volume of 2,343,024 shares. The stock had previously closed at $18.82.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GCT. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th. Lake Street Capital started coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price objective for the company.

GigaCloud Technology Stock Performance

The business has a 50-day moving average of $22.11 and a 200-day moving average of $28.95. The stock has a market capitalization of $969.34 million, a price-to-earnings ratio of 9.25 and a beta of 1.76.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 11.57% and a return on equity of 39.75%. The company’s revenue for the quarter 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. On average, research analysts predict that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in GCT. Amalgamated Bank acquired a new position in shares of GigaCloud Technology in the second quarter valued at approximately $25,000. Quarry LP acquired a new position in GigaCloud Technology in the 4th quarter valued at $47,000. Benjamin F. Edwards & Company Inc. purchased a new position in GigaCloud Technology during the 2nd quarter worth $66,000. Tucker Asset Management LLC lifted its stake in shares of 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 acquiring an additional 7,499 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of GigaCloud Technology in the second quarter valued at about $259,000. 34.94% of the stock is 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.