GigaCloud Technology (NASDAQ:GCT) Lowered to Neutral Rating by Roth Mkm

GigaCloud Technology (NASDAQ:GCT - Get Free Report) was downgraded by Roth Mkm from a "buy" rating to a "neutral" rating in a report issued on Tuesday, MarketBeat.com reports. They currently have a $15.00 target price on the stock, down from their prior target price of $32.00. Roth Mkm's target price suggests a potential downside of 4.40% from the stock's current price.

GigaCloud Technology Stock Up 0.4 %

Shares of GigaCloud Technology stock traded up $0.06 on Tuesday, hitting $15.69. 1,706,430 shares of the company's stock traded hands, compared to its average volume of 1,088,009. GigaCloud Technology has a 52-week low of $13.60 and a 52-week high of $45.18. The stock has a market cap of $642.85 million, a P/E ratio of 4.97 and a beta of 2.05. The firm's 50-day moving average is $19.39 and its 200 day moving average is $21.19.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.14). The company had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. During the same period in the prior year, the company earned $0.87 earnings per share. Equities research analysts forecast that GigaCloud Technology will post 3.1 EPS for the current year.

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Insider Buying and Selling

In other news, insider Marshall Bernes acquired 5,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 27th. The shares were purchased at an average cost of $17.50 per share, for a total transaction of $87,500.00. Following the completion of the purchase, 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 legal filing with the SEC, which is accessible through the SEC website. Also, CTO Xin Wan sold 68,437 shares of GigaCloud Technology stock in a transaction on Monday, December 16th. The stock was sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the completion of the transaction, the chief technology officer now directly owns 1,563 shares of the company's stock, valued at approximately $31,932.09. This represents a 97.77 % decrease in their position. The disclosure for this sale can be found here. Insiders own 43.00% of the company's stock.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. US Bancorp DE grew its holdings in shares of GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after purchasing an additional 1,000 shares during the last quarter. New York State Teachers Retirement System bought a new position in GigaCloud Technology during the 3rd quarter worth $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in GigaCloud Technology during the 3rd quarter worth $51,000. Amundi acquired a new stake in GigaCloud Technology in the fourth quarter worth $45,000. Finally, Quarry LP lifted its stake in GigaCloud Technology by 519.8% in the third quarter. Quarry LP now owns 3,663 shares of the company's stock valued at $84,000 after buying an additional 3,072 shares during the last quarter. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Company Profile

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.