GigaCloud Technology (NASDAQ:GCT) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of GigaCloud Technology (NASDAQ:GCT) from a strong-buy rating to a buy rating in a report published on Sunday morning,Wall Street Zen reports.

Separately, Weiss Ratings raised GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, GigaCloud Technology presently has an average rating of “Strong Buy”.

GigaCloud Technology Stock Performance

GCT opened at $54.76 on Friday. GigaCloud Technology has a one year low of $25.39 and a one year high of $56.27. The stock has a market capitalization of $1.96 billion, a PE ratio of 12.95 and a beta of 1.64. The business’s 50 day moving average price is $51.01 and its 200 day moving average price is $43.15.

GigaCloud Technology (NASDAQ:GCT) last posted its earnings results on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.26. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.The company had revenue of $411.64 million during the quarter, compared to analysts’ expectations of $380.63 million. As a group, equities research analysts forecast that GigaCloud Technology will post 4.92 earnings per share for the current fiscal year.

Insider Transactions at GigaCloud Technology

In other news, insider Marshall Bernes sold 13,800 shares of the stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $54.31, for a total transaction of $749,478.00. Following the sale, the insider owned 7,150 shares of the company’s stock, valued at approximately $388,316.50. This represents a 65.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Zhiwu Chen sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the transaction, the director directly owned 21,057 shares of the company’s stock, valued at approximately $1,118,547.84. The trade was a 12.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 127,000 shares of company stock valued at $6,636,604. 23.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new stake in shares of GigaCloud Technology in the second quarter valued at $30,000. Meeder Asset Management Inc. acquired a new position in GigaCloud Technology during the 1st quarter worth $60,000. Archer Investment Corp acquired a new position in GigaCloud Technology during the 1st quarter worth $97,000. Pictet Asset Management Holding SA purchased a new stake in GigaCloud Technology during the 1st quarter worth about $203,000. Finally, Moran Wealth Management LLC purchased a new stake in GigaCloud Technology during the 1st quarter worth about $247,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.