GigaCloud Technology (NASDAQ:GCT) Raised to Strong-Buy at Wall Street Zen

GigaCloud Technology (NASDAQ:GCT) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Monday, Wall Street Zen reports.

Several other equities research analysts have also issued reports on the stock. Zacks Research raised shares of GigaCloud Technology from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Weiss Ratings upgraded shares of GigaCloud Technology from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company’s stock. According to MarketBeat.com, GigaCloud Technology currently has an average rating of “Strong Buy”.

GigaCloud Technology Stock Performance

Shares of NASDAQ:GCT opened at $57.03 on Monday. The stock has a 50-day simple moving average of $52.31 and a 200-day simple moving average of $43.66. The stock has a market capitalization of $2.04 billion, a P/E ratio of 13.65 and a beta of 1.64. GigaCloud Technology has a 1 year low of $25.39 and a 1 year high of $58.25.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.90 by $0.26. The firm had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. Analysts predict that GigaCloud Technology will post 4.92 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In related news, Director Zhiwu Chen sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.12, for a total transaction of $159,360.00. Following the sale, the director directly owned 21,057 shares in the company, valued at approximately $1,118,547.84. This trade represents a 12.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Marshall Bernes sold 13,800 shares of the business’s stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $54.31, for a total value of $749,478.00. Following the transaction, the insider directly owned 7,150 shares in the company, valued at $388,316.50. This trade represents a 65.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 127,000 shares of company stock worth $6,636,604. 23.37% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in shares of GigaCloud Technology in the 2nd quarter valued at approximately $30,000. Meeder Asset Management Inc. purchased a new position in shares of GigaCloud Technology during the 1st quarter valued at approximately $60,000. GAMMA Investing LLC grew its position in shares of GigaCloud Technology by 83.8% during the third quarter. GAMMA Investing LLC now owns 1,250 shares of the company’s stock worth $65,000 after buying an additional 570 shares in the last quarter. Archer Investment Corp acquired a new stake in shares of GigaCloud Technology during the first quarter worth approximately $97,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of GigaCloud Technology during the first quarter worth approximately $203,000. 34.94% of the stock is currently owned by hedge funds and other institutional investors.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.