Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Expands By 21.2%

GigaCloud Technology Inc. (NASDAQ:GCT) was the recipient of a significant increase in short interest in March. As of March 13th, there was short interest totaling 2,183,547 shares, an increase of 21.2% from the February 26th total of 1,802,333 shares. Approximately 7.9% of the shares of the stock are short sold. Based on an average daily volume of 654,227 shares, the short-interest ratio is presently 3.3 days.

GigaCloud Technology Price Performance

Shares of GCT stock opened at $41.55 on Tuesday. The company has a market cap of $1.52 billion, a PE ratio of 11.48 and a beta of 2.24. GigaCloud Technology has a 1 year low of $11.17 and a 1 year high of $48.00. The stock’s 50 day simple moving average is $40.30 and its two-hundred day simple moving average is $36.13.

GigaCloud Technology (NASDAQ:GCT) last announced its earnings results on Friday, February 27th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.39. The firm had revenue of $362.75 million during the quarter, compared to analysts’ expectations of $332.33 million. GigaCloud Technology had a return on equity of 30.74% and a net margin of 10.65%.The company’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 EPS. Equities research analysts expect that GigaCloud Technology will post 3.1 EPS for the current year.

Insider Activity

In related news, CEO Lei Wu sold 32,481 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $40.41, for a total value of $1,312,557.21. Following the sale, the chief executive officer directly owned 60,000 shares in the company, valued at approximately $2,424,600. The trade was a 35.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Xin Wan sold 100,000 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $43.38, for a total value of $4,338,000.00. Following the transaction, the chief technology officer directly owned 717,540 shares of the company’s stock, valued at approximately $31,126,885.20. The trade was a 12.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 720,000 shares of company stock worth $30,760,672 over the last ninety days. Insiders own 24.71% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GCT. Jones Financial Companies Lllp lifted its holdings in shares of GigaCloud Technology by 184.6% in the 3rd quarter. Jones Financial Companies Lllp now owns 908 shares of the company’s stock worth $27,000 after acquiring an additional 589 shares during the last quarter. Quarry LP bought a new position in GigaCloud Technology during the 3rd quarter valued at about $29,000. Larson Financial Group LLC bought a new position in GigaCloud Technology during the 3rd quarter valued at about $30,000. Caitong International Asset Management Co. Ltd purchased a new stake in GigaCloud Technology in the 3rd quarter worth about $30,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in GigaCloud Technology in the 4th quarter worth about $44,000. Institutional investors own 34.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on GCT. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 10th. Wall Street Zen raised shares of GigaCloud Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings upgraded shares of GigaCloud Technology from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $33.00.

About GigaCloud Technology

GigaCloud Technology Inc (NASDAQ:GCT) is a China-based provider of software-as-a-service (SaaS) and cloud computing solutions tailored for cross-border e-commerce. The company’s core offering, its Supply Chain Embedded E-commerce as a Service (SCEaaS) platform, integrates procurement, order management, warehousing, logistics and payment services into a unified cloud-based system. This end-to-end digital supply chain solution is designed to help small and medium-sized Chinese exporters efficiently connect with global buyers without the need to build and maintain their own infrastructure.

Through its modular, subscription-based SaaS model, GigaCloud enables merchants to scale operations on demand and minimize upfront capital expenditures.