GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report) saw a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 298,800 shares, a growth of 59.1% from the June 30th total of 187,800 shares. Currently, 5.3% of the shares of the company are short sold. Based on an average trading volume of 920,600 shares, the days-to-cover ratio is currently 0.3 days.
GigaCloud Technology Price Performance
NASDAQ:GCT traded up $0.18 during trading hours on Friday, reaching $8.47. 156,850 shares of the company traded hands, compared to its average volume of 507,929. The firm’s 50-day moving average is $7.38 and its 200-day moving average is $6.14. The stock has a market cap of $344.64 million and a P/E ratio of 9.64. GigaCloud Technology has a 1-year low of $4.14 and a 1-year high of $62.00.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last announced its earnings results on Wednesday, May 24th. The company reported $0.39 EPS for the quarter. The firm had revenue of $127.80 million for the quarter. GigaCloud Technology had a return on equity of 18.02% and a net margin of 6.96%. As a group, research analysts predict that GigaCloud Technology will post 1.39 earnings per share for the current year.
Institutional Investors Weigh In On GigaCloud Technology
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP acquired a new position in GigaCloud Technology in the third quarter valued at $1,425,000. Verition Fund Management LLC increased its stake in GigaCloud Technology by 123.8% in the fourth quarter. Verition Fund Management LLC now owns 73,789 shares of the company’s stock valued at $420,000 after purchasing an additional 40,824 shares during the last quarter. BlackRock Inc. increased its stake in GigaCloud Technology by 383.3% in the first quarter. BlackRock Inc. now owns 45,667 shares of the company’s stock valued at $288,000 after purchasing an additional 36,218 shares during the last quarter. Geode Capital Management LLC acquired a new position in GigaCloud Technology in the fourth quarter valued at $102,000. Finally, Renaissance Technologies LLC acquired a new position in GigaCloud Technology in the first quarter valued at $89,000. 0.36% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have weighed in on GCT shares. Roth Capital reaffirmed a “buy” rating on shares of GigaCloud Technology in a research report on Friday, June 16th. Roth Mkm started coverage on GigaCloud Technology in a research report on Friday, June 16th. They set a “buy” rating and a $13.00 price objective for the company.
About GigaCloud Technology
GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.