GigaCloud Technology (NASDAQ:GCT) Price Target Lowered to $26.00 at Lake Street Capital

GigaCloud Technology (NASDAQ:GCT - Free Report) had its target price lowered by Lake Street Capital from $50.00 to $26.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Roth Mkm lowered shares of GigaCloud Technology from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $32.00 to $15.00 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.67.

GigaCloud Technology Trading Up 0.4 %

Shares of NASDAQ:GCT traded up $0.06 on Tuesday, reaching $15.69. 1,706,430 shares of the company's stock were exchanged, compared to its average volume of 1,088,009. The company has a fifty day moving average of $19.35 and a 200-day moving average of $21.14. GigaCloud Technology has a twelve month low of $13.60 and a twelve month high of $45.18. The company has a market capitalization of $642.85 million, a price-to-earnings ratio of 4.97 and a beta of 2.05.

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GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its 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). GigaCloud Technology had a return on equity of 40.32% and a net margin of 11.75%. The business had revenue of $295.78 million for the quarter, compared to analyst estimates of $290.00 million. During the same quarter in the previous year, the company earned $0.87 EPS. As a group, equities research analysts forecast that GigaCloud Technology will post 3.1 EPS for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 68,437 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $20.43, for a total value of $1,398,167.91. Following the sale, the chief technology officer now owns 1,563 shares in the company, valued at $31,932.09. This trade represents a 97.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Marshall Bernes bought 5,000 shares of the business's stock in a transaction on Friday, December 27th. The stock was bought at an average price of $17.50 per share, for a total transaction of $87,500.00. Following the transaction, the insider now directly owns 45,000 shares of the company's stock, valued at approximately $787,500. This represents a 12.50 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 43.00% of the company's stock.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently added to or reduced their stakes in GCT. Heck Capital Advisors LLC bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $79,000. JT Stratford LLC bought a new position in GigaCloud Technology during the fourth quarter worth $1,160,000. PharVision Advisers LLC bought a new position in GigaCloud Technology during the fourth quarter worth $296,000. Connective Capital Management LLC bought a new position in GigaCloud Technology during the fourth quarter worth $347,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in GigaCloud Technology by 100.6% during 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 worth $674,000 after buying an additional 18,261 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.