GigaCloud Technology (NASDAQ:GCT) Coverage Initiated at Maxim Group

Maxim Group initiated coverage on shares of GigaCloud Technology (NASDAQ:GCT - Free Report) in a report issued on Wednesday, MarketBeat reports. The firm issued a buy rating and a $69.00 price objective on the stock.

Separately, Roth Mkm increased their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

GCT traded down $1.62 on Wednesday, reaching $29.83. The company had a trading volume of 10,093,877 shares, compared to its average volume of 3,119,844. GigaCloud Technology has a fifty-two week low of $5.40 and a fifty-two week high of $45.18. The stock has a market cap of $1.22 billion, a P/E ratio of 11.61 and a beta of 1.99. The company's fifty day moving average is $33.91 and its 200 day moving average is $25.51.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the business earned $0.39 EPS. On average, sell-side analysts expect that GigaCloud Technology will post 3.25 EPS for the current year.

Insider Buying and Selling

In related news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares of the company's stock, valued at approximately $37,178,792.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the completion of the transaction, the chief financial officer now directly owns 27,803 shares of the company's stock, valued at approximately $847,991.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,453,279 shares of company stock worth $49,256,053. Corporate insiders own 43.00% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

Large investors have recently modified their holdings of the business. CWM LLC bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $30,000. Quarry LP bought a new position in GigaCloud Technology during the fourth quarter worth $47,000. PAX Financial Group LLC bought a new position in GigaCloud Technology during the third quarter worth $141,000. Tucker Asset Management LLC raised its stake in GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company's stock worth $146,000 after buying an additional 7,499 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D bought a new position in GigaCloud Technology during the third quarter worth $172,000. 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.