Maxim Group Begins Coverage on GigaCloud Technology (NASDAQ:GCT)

Maxim Group began coverage on shares of GigaCloud Technology (NASDAQ:GCT) in a report issued on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $69.00 price target on the stock.

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

GigaCloud Technology Price Performance

GCT opened at $32.55 on Wednesday. The stock’s 50 day moving average price is $33.49 and its 200 day moving average price is $25.85. The stock has a market cap of $1.33 billion, a P/E ratio of 12.67 and a beta of 1.99. GigaCloud Technology has a 12 month low of $5.79 and a 12 month high of $45.18.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. The company had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same period last year, the company earned $0.39 earnings per share. Equities analysts anticipate that GigaCloud Technology will post 3.25 EPS for the current year.

Insider Activity

In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 completion of the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at $36,882,792.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Xinyan Hao sold 1,088 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders sold a total of 1,453,279 shares of company stock worth $49,256,053 over the last 90 days. 43.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GigaCloud Technology

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