GigaCloud Technology (NASDAQ:GCT) Trading Down 6.3%

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) were down 6.3% on Thursday . The company traded as low as $34.50 and last traded at $36.69. Approximately 1,594,320 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 3,038,359 shares. The stock had previously closed at $39.14.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Stock Performance

The stock has a market cap of $1.57 billion, a P/E ratio of 15.40 and a beta of 1.99. The stock’s fifty day moving average is $34.04 and its 200 day moving average is $23.72.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The business had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. Equities research analysts predict that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Insiders Place Their Bets

In related news, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the transaction, the director now directly owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Frank Hurst Lin sold 133,097 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the transaction, the director now owns 5,764,302 shares in the company, valued at approximately $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Xin Wan sold 150,000 shares of the stock in a transaction on Thursday, March 28th. The stock was 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 owns 947,540 shares in the company, valued at approximately $25,829,940.40. The disclosure for this sale can be found here. Insiders sold 828,464 shares of company stock valued at $26,271,295 over the last three months. 45.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. CWM LLC bought a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $30,000. Quarry LP bought a new position in GigaCloud Technology in the fourth quarter worth approximately $47,000. PAX Financial Group LLC bought a new position in GigaCloud Technology in the third quarter worth approximately $141,000. Tucker Asset Management LLC lifted its holdings in GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock worth $146,000 after buying an additional 7,499 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new stake in GigaCloud Technology during the 3rd quarter valued at $172,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

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.