GigaCloud Technology (NASDAQ:GCT) Reaches New 1-Year Low on Disappointing Earnings

Shares of GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $13.60 and last traded at $15.54, with a volume of 855087 shares. The stock had previously closed at $16.01.

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 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 in the previous year, the firm posted $0.87 earnings per share.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GCT. Lake Street Capital decreased their price target on shares of GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a report on Tuesday. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their target price for the company from $32.00 to $15.00 in a research note on Tuesday. Finally, Roth Capital lowered GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $36.67.

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Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, insider Marshall Bernes bought 5,000 shares of GigaCloud Technology stock in a transaction that occurred on 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 completion of the acquisition, the insider now owns 45,000 shares of the company's stock, valued at $787,500. This trade represents a 12.50 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 68,437 shares of GigaCloud Technology stock in a transaction on Monday, December 16th. The shares were sold at an average price of $20.43, for a total transaction of $1,398,167.91. Following the completion of the sale, the chief technology officer now owns 1,563 shares in the company, valued at $31,932.09. The trade was a 97.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 43.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GigaCloud Technology

Hedge funds have recently modified their holdings of the stock. Segall Bryant & Hamill LLC bought a new stake in GigaCloud Technology during the third quarter worth about $1,556,000. Principal Financial Group Inc. acquired a new stake in shares of GigaCloud Technology in the 3rd quarter valued at approximately $1,442,000. Charles Schwab Investment Management Inc. grew its stake in shares of GigaCloud Technology by 279.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,569 shares of the company's stock valued at $4,931,000 after buying an additional 158,033 shares in the last quarter. Lake Hills Wealth Management LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $332,000. Finally, Franklin Resources Inc. increased its holdings in GigaCloud Technology by 49.5% during the third quarter. Franklin Resources Inc. now owns 409,829 shares of the company's stock worth $10,164,000 after buying an additional 135,726 shares during the last quarter. Institutional investors own 34.94% of the company's stock.

GigaCloud Technology Stock Up 0.4 %

The firm has a market capitalization of $642.85 million, a price-to-earnings ratio of 4.97 and a beta of 2.05. The stock's fifty day moving average is $19.39 and its two-hundred day moving average is $21.19.

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.