GigaCloud Technology (NASDAQ:GCT) Shares Gap Up – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $23.82, but opened at $25.50. GigaCloud Technology shares last traded at $26.83, with a volume of 1,138,630 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th. Lake Street Capital assumed coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They set a “buy” rating and a $50.00 price target on the stock.

GigaCloud Technology Stock Performance

The firm has a market cap of $1.16 billion, a P/E ratio of 10.08 and a beta of 1.78. The company’s 50 day moving average is $22.37 and its 200 day moving average is $27.21.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC bought a new position in shares of GigaCloud Technology during the first quarter valued at $599,000. Empowered Funds LLC raised its stake in shares of GigaCloud Technology by 8.1% during the first quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock valued at $4,369,000 after acquiring an additional 12,278 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in shares of GigaCloud Technology during the first quarter valued at $1,212,000. Avantax Advisory Services Inc. raised its stake in shares of GigaCloud Technology by 86.3% during the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company’s stock valued at $615,000 after acquiring an additional 10,659 shares during the last quarter. Finally, Truvestments Capital LLC bought a new position in shares of GigaCloud Technology during the first quarter valued at $327,000. 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.