GigaCloud Technology (NASDAQ:GCT) Trading Down 3.6%

GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) fell 3.6% during mid-day trading on Friday . The company traded as low as $28.19 and last traded at $28.40. 422,151 shares were traded during trading, a decline of 85% from the average session volume of 2,878,386 shares. The stock had previously closed at $29.46.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on GCT shares. Roth Mkm lifted their price objective 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. Maxim Group started coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price objective on the stock.

View Our Latest Report on GCT

GigaCloud Technology Price Performance

The stock has a market cap of $1.17 billion, a P/E ratio of 11.28 and a beta of 1.87. The firm’s 50-day moving average price is $33.73 and its 200-day moving average price is $28.57.

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

Insider Buying and Selling at GigaCloud Technology

In other news, Director Frank Hurst Lin sold 94,413 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total transaction of $2,585,027.94. Following the completion of the sale, the director now directly owns 5,669,889 shares of the company’s stock, valued at $155,241,560.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Xin Wan sold 150,000 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now directly owns 947,540 shares of the company’s stock, valued at $25,829,940.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank Hurst Lin sold 94,413 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $27.38, for a total transaction of $2,585,027.94. Following the completion of the sale, the director now directly owns 5,669,889 shares of the company’s stock, valued at $155,241,560.82. The disclosure for this sale can be found here. Insiders have sold 1,578,698 shares of company stock worth $53,711,842 over the last quarter. Insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in GCT. Acadian Asset Management LLC bought a new position in GigaCloud Technology in the third quarter worth about $9,634,000. Ritholtz Wealth Management bought a new position in GigaCloud Technology in the fourth quarter worth about $295,000. Avantax Advisory Services Inc. bought a new position in GigaCloud Technology in the fourth quarter worth about $226,000. WINTON GROUP Ltd acquired a new position in shares of GigaCloud Technology during the third quarter valued at about $258,000. Finally, Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology during the fourth quarter valued at about $2,803,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

About GigaCloud Technology

(Get Free Report)

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.

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