GigaCloud Technology (NASDAQ:GCT) Shares Gap Up - Still a Buy?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $23.82, but opened at $25.50. GigaCloud Technology shares last traded at $26.83, with a volume of 1,138,630 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Aegis raised GigaCloud Technology to a "strong-buy" rating in a research note on Wednesday, August 14th. Lake Street Capital assumed coverage on GigaCloud Technology in a report on Monday, July 29th. They issued a "buy" rating and a $50.00 price objective on the stock.

GigaCloud Technology Price Performance

The firm has a market cap of $1.16 billion, a P/E ratio of 8.84 and a beta of 1.78. The stock's 50 day moving average is $22.37 and its two-hundred day moving average is $27.28.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The company had revenue of $310.90 million for the quarter, compared to the consensus estimate of $275.47 million. During the same quarter in the prior year, the business posted $0.45 EPS. The firm's quarterly revenue was up 102.8% on a year-over-year basis. As a group, research analysts forecast that GigaCloud Technology Inc. will post 2.91 EPS for the current fiscal year.

Institutional Investors Weigh In On GigaCloud Technology

A number of hedge funds have recently modified their holdings of the business. Segall Bryant & Hamill LLC acquired a new stake in GigaCloud Technology in the third quarter valued at $1,556,000. Banque Cantonale Vaudoise increased its holdings in GigaCloud Technology by 345.6% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company's stock valued at $167,000 after buying an additional 5,651 shares during the period. Empowered Funds LLC increased its holdings in GigaCloud Technology by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 185,490 shares of the company's stock valued at $4,263,000 after buying an additional 9,380 shares during the period. Balboa Wealth Partners acquired a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $213,000. Finally, Aptus Capital Advisors LLC lifted its holdings in shares of GigaCloud Technology by 17.2% during the 3rd quarter. Aptus Capital Advisors LLC now owns 102,580 shares of the company's stock worth $2,357,000 after acquiring an additional 15,028 shares during the period. Institutional investors and hedge funds 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.