GigaCloud Technology (NASDAQ:GCT) Trading Down 1.4%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price was down 1.4% during mid-day trading on Tuesday . The stock traded as low as $31.40 and last traded at $32.03. Approximately 775,645 shares changed hands during trading, a decline of 75% from the average daily volume of 3,102,853 shares. The stock had previously closed at $32.47.

Analysts Set New Price Targets

Separately, 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.

GigaCloud Technology Stock Up 8.3 %

The business’s fifty day moving average is $32.50 and its two-hundred day moving average is $20.58. The stock has a market capitalization of $1.43 billion, a PE ratio of 15.09 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Sell-side analysts expect that GigaCloud Technology Inc. will post 2.58 EPS for the current fiscal year.

Insider Activity

In related news, CFO David Kwok Hei Lau sold 2,619 shares of GigaCloud Technology stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO David Kwok Hei Lau sold 2,619 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,287 shares of company stock valued at $13,340,395.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently modified their holdings of GCT. Acadian Asset Management LLC purchased a new stake in GigaCloud Technology in the 3rd quarter worth approximately $9,634,000. Bridgeway Capital Management LLC acquired a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $6,036,000. Verition Fund Management LLC acquired a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $4,613,000. New York State Common Retirement Fund acquired a new position in shares of GigaCloud Technology during the 3rd quarter worth approximately $1,895,000. Finally, Quadrature Capital Ltd acquired a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $2,803,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.