GigaCloud Technology (NASDAQ:GCT) Trading 0.6% Higher

GigaCloud Technology Inc. (NASDAQ:GCT) traded up 0.6% during mid-day trading on Tuesday . The stock traded as high as $29.99 and last traded at $29.74. 157,309 shares changed hands during trading, a decline of 94% from the average session volume of 2,845,562 shares. The stock had previously closed at $29.55.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Roth Mkm increased their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group assumed coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price target on the stock.

GigaCloud Technology Stock Performance

The firm has a market cap of $1.20 billion, a P/E ratio of 11.45 and a beta of 1.87. The company’s 50 day moving average is $33.40 and its 200 day moving average is $29.13.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.51 by $0.33. The business had revenue of $251.08 million during the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, equities research analysts anticipate that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insider Activity at GigaCloud Technology

In related news, CEO Lei Wu sold 20,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $36.39, for a total value of $727,800.00. Following the completion of the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at approximately $44,322,801.66. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Frank Hurst Lin sold 15,993 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $30.14, for a total transaction of $482,029.02. Following the completion of the transaction, the director now owns 4,588,873 shares of the company’s stock, valued at $138,308,632.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Lei Wu sold 20,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $36.39, for a total transaction of $727,800.00. Following the transaction, the chief executive officer now directly owns 1,217,994 shares of the company’s stock, valued at approximately $44,322,801.66. The disclosure for this sale can be found here. Insiders sold a total of 1,312,208 shares of company stock valued at $46,462,640 in the last quarter. Insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently modified their holdings of GCT. Quadrature Capital Ltd bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $2,803,000. Tidal Investments LLC acquired a new stake in shares of GigaCloud Technology during the first quarter worth $1,731,000. Nomura Holdings Inc. acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth $991,000. Rock Creek Group LP acquired a new stake in shares of GigaCloud Technology during the fourth quarter worth $927,000. Finally, Thoroughbred Financial Services LLC acquired a new stake in shares of GigaCloud Technology during the first quarter worth $1,212,000. Institutional investors own 34.94% of the company’s stock.

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.