GigaCloud Technology Inc. (NASDAQ:GCT – Get Free Report)’s stock price traded down 2.5% during mid-day trading on Tuesday . The stock traded as low as $31.23 and last traded at $31.74. 465,742 shares changed hands during trading, a decline of 85% from the average session volume of 3,037,490 shares. The stock had previously closed at $32.57.
Analyst Ratings Changes
A number of brokerages have weighed in on GCT. 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 on the stock. Roth Mkm upped their price objective 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.
GigaCloud Technology Trading Down 3.8 %
The business’s fifty day moving average price is $33.71 and its 200-day moving average price is $26.89. The company has a market capitalization of $1.28 billion, a P/E ratio of 12.35 and a beta of 1.88.
GigaCloud Technology (NASDAQ:GCT – Get Free Report) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.33. The firm had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same quarter in the previous year, the company posted $0.39 earnings per share. As a group, equities research analysts forecast that GigaCloud Technology Inc. will post 3.25 EPS for the current year.
Insiders Place Their Bets
In related news, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the transaction, the director now directly owns 5,764,302 shares of the company’s stock, valued at $175,119,494.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now owns 27,803 shares of the company’s stock, valued at $847,991.50. The disclosure for this sale can be found here. Insiders sold a total of 1,453,279 shares of company stock valued at $49,256,053 over the last quarter. 43.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On GigaCloud Technology
A number of institutional investors have recently added to or reduced their stakes in GCT. PAX Financial Group LLC purchased a new stake in GigaCloud Technology during the 3rd quarter valued at $141,000. Acadian Asset Management LLC purchased a new stake in shares of GigaCloud Technology during the third quarter valued at $9,634,000. Ritholtz Wealth Management bought a new stake in GigaCloud Technology in the 4th quarter worth about $295,000. Avantax Advisory Services Inc. purchased a new position in GigaCloud Technology in the 4th quarter worth about $226,000. Finally, WINTON GROUP Ltd purchased a new position in shares of GigaCloud Technology during the third quarter valued at approximately $258,000. Institutional investors own 34.94% of the company’s stock.
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.