GigaCloud Technology (NASDAQ:GCT) Price Target Lowered to $26.00 at Lake Street Capital

GigaCloud Technology (NASDAQ:GCT) had its price objective lowered by Lake Street Capital from $50.00 to $26.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Roth Mkm downgraded GigaCloud Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $32.00 to $15.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.67.

GigaCloud Technology Stock Performance

GCT opened at $15.63 on Tuesday. GigaCloud Technology has a one year low of $13.60 and a one year high of $45.18. The company has a market cap of $640.39 million, a P/E ratio of 4.95 and a beta of 1.94. The business’s 50-day simple moving average is $19.39 and its 200-day simple moving average is $21.19.

GigaCloud Technology (NASDAQ:GCT) last released its quarterly earnings data on Monday, March 3rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The business had revenue of $295.78 million during the quarter, compared to analysts’ expectations of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same quarter in the previous year, the company posted $0.87 EPS. As a group, analysts predict that GigaCloud Technology will post 3.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Marshall Bernes acquired 5,000 shares of the firm’s stock in a transaction on Friday, December 27th. The stock was bought at an average cost of $17.50 per share, with a total value of $87,500.00. Following the transaction, the insider now owns 45,000 shares of the company’s stock, valued at $787,500. The trade was a 12.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Xin Wan sold 68,437 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $20.43, for a total value of $1,398,167.91. Following the sale, the chief technology officer now directly owns 1,563 shares of the company’s stock, valued at $31,932.09. The trade was a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 43.00% of the stock is currently owned by company insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Heck Capital Advisors LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth approximately $79,000. JT Stratford LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $1,160,000. PharVision Advisers LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $296,000. Connective Capital Management LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter valued at approximately $347,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of GigaCloud Technology by 100.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,418 shares of the company’s stock valued at $674,000 after buying an additional 18,261 shares in the last quarter. 34.94% of the stock is owned by institutional investors and hedge funds.

GigaCloud Technology Company Profile

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.