Traders Buy Large Volume of Call Options on GigaCloud Technology (NASDAQ:GCT)

GigaCloud Technology Inc. (NASDAQ:GCT) saw some unusual options trading activity on Wednesday. Stock traders bought 2,342 call options on the company. This is an increase of approximately 79% compared to the typical daily volume of 1,309 call options.

GigaCloud Technology Price Performance

Shares of NASDAQ GCT traded up $0.84 during trading hours on Wednesday, reaching $62.61. The stock had a trading volume of 203,988 shares, compared to its average volume of 675,248. The business’s fifty day moving average is $55.47 and its two-hundred day moving average is $44.55. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 13.50 and a beta of 1.61. GigaCloud Technology has a twelve month low of $28.80 and a twelve month high of $67.18.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, November 5th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.61. GigaCloud Technology had a net margin of 10.89% and a return on equity of 32.33%. The firm had revenue of $423.56 million for the quarter, compared to the consensus estimate of $389.39 million. Sell-side analysts forecast that GigaCloud Technology will post 4.70 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GigaCloud Technology news, insider Marshall Bernes sold 15,703 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $53.58, for a total transaction of $841,366.74. Following the completion of the sale, the insider directly owned 25,447 shares in the company, valued at $1,363,450.26. This represents a 38.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 value of $159,360.00. Following the completion of the sale, the director directly owned 21,057 shares in the company, valued at $1,118,547.84. This trade represents a 12.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,000 shares of company stock worth $3,320,804. Insiders own 23.37% of the company’s stock.

Institutional Trading of GigaCloud Technology

Several institutional investors have recently made changes to their positions in GCT. Russell Investments Group Ltd. boosted its holdings in GigaCloud Technology by 5.7% during the third quarter. Russell Investments Group Ltd. now owns 21,925 shares of the company’s stock valued at $1,133,000 after purchasing an additional 1,176 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of GigaCloud Technology by 27.1% in the 3rd quarter. Ritholtz Wealth Management now owns 61,294 shares of the company’s stock worth $3,168,000 after buying an additional 13,087 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of GigaCloud Technology by 95.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 272,029 shares of the company’s stock worth $14,469,000 after buying an additional 132,492 shares during the period. Formidable Asset Management LLC bought a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $385,000. Finally, Integrity Alliance LLC. acquired a new stake in GigaCloud Technology in the 3rd quarter valued at $1,383,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GCT. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Wall Street Zen raised GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 12th. Finally, Weiss Ratings upgraded GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to MarketBeat.com, GigaCloud Technology currently has an average rating of “Strong Buy”.

About GigaCloud Technology

GigaCloud Technology Inc. operates a business-to-business e-commerce marketplace focused on large-parcel merchandise. Its platform connects manufacturers, many of them based in Asia, with retailers and other resellers seeking products such as furniture, home goods, appliances and fitness equipment. The company’s services extend beyond product discovery to include payment processing, logistics and fulfillment, helping buyers and sellers manage transactions and delivery for bulky goods. GigaCloud serves customers in markets including North America and Europe, as well as Asia.