GigaCloud Technology (NASDAQ:GCT) Shares Down 3.6%

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price was down 3.6% during trading on Friday . The company traded as low as $28.19 and last traded at $28.40. Approximately 422,151 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,878,386 shares. The stock had previously closed at $29.46.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on GCT. Roth Mkm increased their price target on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Maxim Group initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 target price for the company.

GigaCloud Technology Stock Down 0.4 %

The firm has a market cap of $1.20 billion, a PE ratio of 11.41 and a beta of 1.87. The business has a 50-day moving average price of $33.68 and a two-hundred day moving average price of $28.79.

GigaCloud Technology (NASDAQ:GCT) last issued its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) 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 company had revenue of $251.08 million during the quarter, compared to analysts’ expectations of $235.00 million. During the same period last year, the company posted $0.39 earnings per share. On average, equities research analysts predict that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity

In other GigaCloud Technology news, Director Frank Hurst Lin sold 87,045 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $32.23, for a total transaction of $2,805,460.35. Following the sale, the director now directly owns 4,891,063 shares in the company, valued at approximately $157,638,960.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Frank Hurst Lin sold 87,045 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $32.23, for a total value of $2,805,460.35. Following the sale, the director now directly owns 4,891,063 shares in the company, valued at approximately $157,638,960.49. 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 that occurred 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 sale, the chief operating officer now owns 1,110,848 shares in the company, valued at $30,848,248.96. The disclosure for this sale can be found here. In the last three months, insiders sold 1,578,698 shares of company stock valued at $53,711,842. Company insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Tidal Investments LLC bought a new position in shares of GigaCloud Technology in the first quarter worth about $1,731,000. Truvestments Capital LLC bought a new position in shares of GigaCloud Technology in the first quarter worth about $327,000. Avantax Advisory Services Inc. increased its stake in shares of GigaCloud Technology by 86.3% in the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock worth $615,000 after purchasing an additional 10,659 shares during the period. Thoroughbred Financial Services LLC bought a new position in shares of GigaCloud Technology in the first quarter worth about $1,212,000. Finally, Empowered Funds LLC increased its stake in shares of GigaCloud Technology by 8.1% in the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock worth $4,369,000 after purchasing an additional 12,278 shares during the period. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.