GigaCloud Technology (NASDAQ:GCT) Trading 4.7% Higher – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT) shares were up 4.7% during mid-day trading on Thursday . The company traded as high as $16.25 and last traded at $16.06. Approximately 439,361 shares traded hands during trading, a decline of 73% from the average daily volume of 1,621,740 shares. The stock had previously closed at $15.34.

Analyst Ratings Changes

Several research firms recently commented on GCT. Lake Street Capital reduced their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 4th. Roth Capital cut shares of GigaCloud Technology from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Finally, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $32.00 to $15.00 in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, GigaCloud Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.67.

GigaCloud Technology Trading Up 5.4 %

The company has a market capitalization of $648.07 million, a price-to-earnings ratio of 5.11 and a beta of 2.05. The firm’s 50 day simple moving average is $18.26 and its 200-day simple moving average is $20.66.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). The firm had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. During the same quarter last year, the firm earned $0.87 earnings per share. As a group, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.1 EPS for the current fiscal year.

Insider Transactions at GigaCloud Technology

In related news, insider Marshall Bernes purchased 5,000 shares of the business’s stock in a transaction dated Friday, December 27th. The stock was acquired at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the acquisition, the insider now directly owns 45,000 shares of the company’s stock, valued at $787,500. This trade represents a 12.50 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 43.00% of the company’s stock.

Institutional Trading of GigaCloud Technology

Institutional investors have recently added to or reduced their stakes in the stock. Heck Capital Advisors LLC acquired a new stake in shares of GigaCloud Technology during the 4th quarter valued at approximately $79,000. JT Stratford LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $1,160,000. PharVision Advisers LLC purchased a new stake in GigaCloud Technology during the fourth quarter worth $296,000. Connective Capital Management LLC acquired a new stake in GigaCloud Technology in the fourth quarter valued at $347,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of GigaCloud Technology by 100.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 36,418 shares of the company’s stock valued at $674,000 after buying an additional 18,261 shares in the last quarter. 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.