GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $29.39

GigaCloud Technology Inc. (NASDAQ:GCT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $29.39, but opened at $30.00. GigaCloud Technology shares last traded at $30.60, with a volume of 347,204 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on GCT shares. Roth Mkm raised their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Maxim Group began coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock.

GigaCloud Technology Trading Up 2.3 %

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 11.72 and a beta of 1.87. The company’s 50 day moving average is $33.27 and its 200-day moving average is $29.14.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data 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. The company had revenue of $251.08 million during the quarter, compared to analysts’ expectations of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same period last year, the firm posted $0.39 earnings per share. Research analysts expect that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insider Transactions at GigaCloud Technology

In related news, Director Frank Hurst Lin sold 81,537 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $29.83, for a total value of $2,432,248.71. Following the transaction, the director now owns 4,447,352 shares in the company, valued at approximately $132,664,510.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other GigaCloud Technology news, COO Xinyan Hao sold 282,545 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $36.10, for a total transaction of $10,199,874.50. Following the transaction, the chief operating officer now owns 854,941 shares in the company, valued at approximately $30,863,370.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Hurst Lin sold 81,537 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the completion of the transaction, the director now owns 4,447,352 shares in the company, valued at $132,664,510.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,393,745 shares of company stock worth $48,894,889. 43.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology during the 4th quarter worth $47,000. Tucker Asset Management LLC increased its position in shares of GigaCloud Technology by 1,499.8% in the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after purchasing an additional 7,499 shares during the period. Foundations Investment Advisors LLC acquired a new position in GigaCloud Technology in the fourth quarter valued at about $207,000. Finally, Avantax Advisory Services Inc. bought a new stake in GigaCloud Technology during the fourth quarter worth about $226,000. Institutional investors and hedge funds 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.