GigaCloud Technology (NASDAQ:GCT) Shares Up 8.4% – Here’s Why

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 8.4% on Thursday . The stock traded as high as $43.41 and last traded at $43.3250. Approximately 174,634 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 897,357 shares. The stock had previously closed at $39.95.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GCT shares. Wall Street Zen upgraded GigaCloud Technology from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of GigaCloud Technology in a research note on Tuesday. Finally, Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

GigaCloud Technology Stock Performance

The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 12.46 and a beta of 2.28. The company has a 50-day moving average of $32.50 and a 200-day moving average of $27.27.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.34. GigaCloud Technology had a net margin of 10.62% and a return on equity of 30.43%. The company had revenue of $332.64 million during the quarter, compared to analysts’ expectations of $300.96 million. During the same quarter in the prior year, the company earned $1.15 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, analysts anticipate that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Insider Transactions at GigaCloud Technology

In other news, COO Xinyan Hao sold 100,000 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $35.18, for a total value of $3,518,000.00. Following the sale, the chief operating officer directly owned 407,486 shares in the company, valued at $14,335,357.48. The trade was a 19.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 360,000 shares of company stock worth $12,049,792. 24.71% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp lifted its stake in GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock valued at $27,000 after acquiring an additional 589 shares in the last quarter. Quarry LP acquired a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $29,000. Larson Financial Group LLC acquired a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of GigaCloud Technology in the third quarter worth $30,000. Finally, Ameritas Advisory Services LLC acquired a new position in GigaCloud Technology during the second quarter worth $35,000. 34.94% of the stock is currently owned by institutional investors.

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.