GigaCloud Technology Inc. (NASDAQ:GCT) Sees Large Growth in Short Interest

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,810,000 shares, an increase of 8.1% from the March 15th total of 2,600,000 shares. Currently, 17.0% of the shares of the stock are sold short. Based on an average trading volume of 3,160,000 shares, the short-interest ratio is presently 0.9 days.

GigaCloud Technology Stock Performance

Shares of GigaCloud Technology stock traded down $0.13 during trading on Wednesday, hitting $34.96. 2,695,161 shares of the stock traded hands, compared to its average volume of 3,128,927. The stock has a market cap of $1.42 billion, a P/E ratio of 14.95 and a beta of 2.26. GigaCloud Technology has a twelve month low of $4.93 and a twelve month high of $45.18. The company has a fifty day moving average price of $32.50 and a two-hundred day moving average price of $20.58.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, equities research analysts expect that GigaCloud Technology will post 2.58 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total value of $727,800.00. Following the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at approximately $44,322,801.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Lei Wu sold 20,000 shares of GigaCloud Technology stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $36.39, for a total value of $727,800.00. Following the transaction, the chief executive officer now owns 1,217,994 shares of the company’s stock, valued at approximately $44,322,801.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Xinyan Hao sold 38,064 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.77, for a total value of $1,057,037.28. Following the sale, the chief operating officer now owns 1,110,848 shares of the company’s stock, valued at $30,848,248.96. The disclosure for this sale can be found here. Insiders have sold a total of 506,287 shares of company stock valued at $14,805,265 over the last three months.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC acquired a new stake in GigaCloud Technology in the 1st quarter worth approximately $769,000. Nomura Holdings Inc. acquired a new stake in GigaCloud Technology in the 4th quarter worth approximately $991,000. Quadrature Capital Ltd acquired a new stake in GigaCloud Technology in the 4th quarter worth approximately $2,803,000. Tucker Asset Management LLC lifted its holdings in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after purchasing an additional 7,499 shares during the last quarter. Finally, Quarry LP bought a new position in GigaCloud Technology in the 4th quarter worth approximately $47,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lifted their price target on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd.

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.