GigaCloud Technology (NASDAQ:GCT) Trading Up 6.4% – Still a Buy?

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 6.4% during mid-day trading on Wednesday . The stock traded as high as $37.62 and last traded at $37.65. 365,531 shares changed hands during trading, a decline of 47% from the average session volume of 686,480 shares. The stock had previously closed at $35.40.

Wall Street Analysts Forecast Growth

GCT has been the subject of several recent analyst reports. Wall Street Zen downgraded GigaCloud Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 16th. Zacks Research downgraded shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of GigaCloud Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, June 8th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $33.00.

GigaCloud Technology Stock Up 6.0%

The stock’s 50 day moving average price is $35.24 and its two-hundred day moving average price is $39.48. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 9.42 and a beta of 1.72.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Friday, May 8th. The company reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.17. The business had revenue of $359.49 million during the quarter, compared to analyst estimates of $342.57 million. GigaCloud Technology had a return on equity of 31.48% and a net margin of 10.77%.The company’s revenue was up 32.2% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. On average, analysts predict that GigaCloud Technology Inc. will post 4.18 earnings per share for the current fiscal year.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in GigaCloud Technology during the third quarter valued at $29,000. Larson Financial Group LLC acquired a new position in shares of GigaCloud Technology in the third quarter worth about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of GigaCloud Technology during the 3rd quarter worth about $30,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter worth about $44,000. Finally, Tower Research Capital LLC TRC grew its position in shares of GigaCloud Technology by 25.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,372 shares of the company’s stock valued at $47,000 after acquiring an additional 483 shares during the period. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.