GigaCloud Technology (NASDAQ:GCT) Stock Price Up 5.4%

GigaCloud Technology Inc. (NASDAQ:GCT) rose 5.4% during mid-day trading on Thursday . The company traded as high as $37.14 and last traded at $36.84. Approximately 1,014,805 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,100,366 shares. The stock had previously closed at $34.96.

Wall Street Analyst Weigh In

Separately, Roth Mkm increased their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Down 5.8 %

The firm has a market capitalization of $1.41 billion, a PE ratio of 15.08 and a beta of 2.26. The business’s 50-day moving average price is $32.90 and its 200-day moving average price is $20.97.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.29. The firm had revenue of $244.74 million for 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%. On average, analysts anticipate that GigaCloud Technology Inc. will post 2.58 EPS for the current fiscal year.

Insider Activity at GigaCloud Technology

In related news, CEO Lei Wu sold 1,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,248,994 shares of the company’s stock, valued at $36,882,792.82. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $29.53, for a total transaction of $29,530.00. Following the transaction, the chief executive officer now owns 1,248,994 shares in the company, valued at $36,882,792.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value 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 quarter, insiders have sold 550,287 shares of company stock valued at $16,328,105. 45.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. SeaCrest Wealth Management LLC bought a new position in GigaCloud Technology in the first quarter worth $391,000. Harbour Capital Advisors LLC bought a new position in shares of GigaCloud Technology during the first quarter valued at $769,000. Nomura Holdings Inc. bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $991,000. Quadrature Capital Ltd bought a new position in shares of GigaCloud Technology in the fourth quarter valued at about $2,803,000. Finally, Tucker Asset Management LLC raised its holdings in shares of GigaCloud Technology by 1,499.8% in the fourth 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. Institutional investors and hedge funds own 34.94% of the company’s stock.

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.