GigaCloud Technology (NASDAQ:GCT) Downgraded to Hold Rating by Zacks Research

GigaCloud Technology (NASDAQ:GCT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

GCT has been the subject of several other research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of GigaCloud Technology in a research note on Friday, April 24th. Wall Street Zen upgraded GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 28th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.00.

GigaCloud Technology Price Performance

GigaCloud Technology stock opened at $44.99 on Tuesday. The business has a 50 day moving average of $44.00 and a 200-day moving average of $39.10. GigaCloud Technology has a 1 year low of $13.57 and a 1 year high of $51.86. The company has a market capitalization of $1.65 billion, a P/E ratio of 12.43 and a beta of 1.83.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.37. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company had revenue of $359.49 million during the quarter, compared to the consensus estimate of $342.58 million. Equities analysts anticipate that GigaCloud Technology will post 4.1 EPS for the current year.

Insider Activity

In other news, CEO Lei Wu sold 32,481 shares of the stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $40.41, for a total value of $1,312,557.21. Following the completion of the sale, the chief executive officer owned 60,000 shares of the company’s stock, valued at approximately $2,424,600. This represents a 35.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Xin Wan sold 100,000 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the completion of the sale, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. The trade was a 12.23% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 598,090 shares of company stock valued at $25,666,400. Insiders own 24.71% of the company’s stock.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nordea Investment Management AB bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $3,852,000. Hussman Strategic Advisors Inc. bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $3,578,000. Allspring Global Investments Holdings LLC boosted its position in shares of GigaCloud Technology by 497.9% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 158,798 shares of the company’s stock valued at $6,238,000 after purchasing an additional 132,238 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at about $952,000. Finally, CWA Asset Management Group LLC bought a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $2,150,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

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.