GigaCloud Technology (NASDAQ:GCT) Shares Up 0.5%

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price shot up 0.5% during trading on Wednesday . The company traded as high as $30.30 and last traded at $30.20. 1,527,701 shares traded hands during trading, a decline of 28% from the average session volume of 2,135,972 shares. The stock had previously closed at $30.06.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GCT. Roth Mkm raised their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group started coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price target on the stock.

GigaCloud Technology Stock Performance

The stock has a market capitalization of $1.20 billion, a PE ratio of 11.46 and a beta of 1.87. The stock’s 50 day moving average is $33.73 and its two-hundred day moving average is $28.57.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The firm had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same period last year, the company posted $0.39 EPS. Equities research analysts expect that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Activity

In related news, COO Xinyan Hao sold 38,064 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.77, for a total value of $1,057,037.28. Following the completion of the sale, the chief operating officer now owns 1,110,848 shares in the company, valued at approximately $30,848,248.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Frank Hurst Lin sold 94,413 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total value of $2,585,027.94. Following the completion of the sale, the director now owns 5,669,889 shares in the company, valued at approximately $155,241,560.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Xinyan Hao sold 38,064 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $27.77, for a total transaction of $1,057,037.28. Following the completion of the transaction, the chief operating officer now owns 1,110,848 shares of the company’s stock, valued at approximately $30,848,248.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,578,698 shares of company stock valued at $53,711,842. 43.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors have recently modified their holdings of GCT. Acadian Asset Management LLC acquired a new position in shares of GigaCloud Technology in the third quarter worth $9,634,000. Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology in the fourth quarter worth $2,803,000. Tidal Investments LLC acquired a new position in shares of GigaCloud Technology in the first quarter worth $1,731,000. Nomura Holdings Inc. acquired a new position in shares of GigaCloud Technology in the fourth quarter worth $991,000. Finally, Rock Creek Group LP acquired a new position in shares of GigaCloud Technology in the fourth quarter worth $927,000. Institutional investors and hedge funds 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.