Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Decreases By 9.2%

GigaCloud Technology Inc. (NASDAQ:GCT) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 6,320,000 shares, a decrease of 9.2% from the October 15th total of 6,960,000 shares. Currently, 25.2% of the company’s stock are sold short. Based on an average trading volume of 1,520,000 shares, the short-interest ratio is currently 4.2 days.

GigaCloud Technology Stock Up 6.2 %

Shares of GCT stock traded up $1.40 during trading hours on Tuesday, hitting $23.91. 1,165,916 shares of the company’s stock were exchanged, compared to its average volume of 2,224,614. The firm has a market cap of $979.59 million, a P/E ratio of 7.53 and a beta of 1.78. GigaCloud Technology has a fifty-two week low of $8.70 and a fifty-two week high of $45.18. The firm has a 50 day moving average of $22.81 and a two-hundred day moving average of $26.67.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GCT. Lake Street Capital began coverage on shares of GigaCloud Technology in a research report on Monday, July 29th. They issued a “buy” rating and a $50.00 price target for the company. Aegis upgraded GigaCloud Technology to a “strong-buy” rating in a research note on Wednesday, August 14th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in GigaCloud Technology during the 2nd quarter worth about $25,000. MFA Wealth Advisors LLC acquired a new stake in shares of GigaCloud Technology in the third quarter valued at approximately $26,000. New York State Teachers Retirement System purchased a new position in GigaCloud Technology during the 3rd quarter worth $49,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of GigaCloud Technology during the third quarter worth about $51,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new stake in GigaCloud Technology during the 2nd quarter valued at approximately $66,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.