GigaCloud Technology (NASDAQ:GCT) Trading 2.1% Higher

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was up 2.1% during trading on Wednesday . The stock traded as high as $32.34 and last traded at $32.00. Approximately 369,971 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 3,021,391 shares. The stock had previously closed at $31.34.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Maxim Group initiated coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 price objective on the stock. Roth Mkm increased their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The business has a 50-day moving average of $33.83 and a 200 day moving average of $27.05. The stock has a market cap of $1.32 billion, a PE ratio of 12.45 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business had revenue of $251.08 million during the quarter, compared to the consensus estimate of $235.00 million. During the same period in the previous year, the firm posted $0.39 earnings per share. Equities analysts expect that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Activity

In other news, CEO Lei Wu sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the transaction, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares of the company’s stock, valued at approximately $36,882,792.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank Hurst Lin sold 40,134 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total value of $1,453,252.14. Following the sale, the director now owns 5,394,931 shares of the company’s stock, valued at $195,350,451.51. The disclosure for this sale can be found here. Insiders sold a total of 1,453,279 shares of company stock valued at $49,256,053 over the last quarter. Company insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in GCT. CWM LLC purchased a new stake in shares of GigaCloud Technology during the fourth quarter valued at approximately $30,000. Quarry LP acquired a new position in GigaCloud Technology in the 4th quarter worth $47,000. PAX Financial Group LLC purchased a new position in GigaCloud Technology in the 3rd quarter valued at about $141,000. Tucker Asset Management LLC boosted its position 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 valued at $146,000 after buying an additional 7,499 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of GigaCloud Technology during the third quarter valued at about $172,000. 34.94% of the stock is owned by hedge funds and other 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.