Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Grows By 10.3%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) was the target of a large growth in short interest in May. As of May 15th, there was short interest totalling 3,630,000 shares, a growth of 10.3% from the April 30th total of 3,290,000 shares. Based on an average daily volume of 3,110,000 shares, the days-to-cover ratio is presently 1.2 days. Currently, 18.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Roth Mkm boosted their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a "buy" rating in a research note on Tuesday, April 2nd. Maxim Group began coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a "buy" rating and a $69.00 target price for the company.

GigaCloud Technology Trading Up 4.6 %

GigaCloud Technology stock traded up $1.43 during trading hours on Monday, hitting $32.57. 1,846,116 shares of the stock traded hands, compared to its average volume of 3,062,358. GigaCloud Technology has a one year low of $6.60 and a one year high of $45.18. The firm's 50-day moving average price is $33.71 and its two-hundred day moving average price is $26.89. The company has a market cap of $1.33 billion, a PE ratio of 12.67 and a beta of 1.88.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its 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. The firm had revenue of $251.08 million for the quarter, compared to analysts' expectations of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same quarter in the previous year, the business posted $0.39 EPS. On average, sell-side analysts expect that GigaCloud Technology will post 3.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frank Hurst Lin sold 40,134 shares of GigaCloud Technology stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $1,453,252.14. Following the completion of the sale, the director now owns 5,394,931 shares of the company's stock, valued at $195,350,451.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other GigaCloud Technology news, Director Frank Hurst Lin sold 40,134 shares of the business's stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.21, for a total value of $1,453,252.14. Following the completion of the transaction, the director now owns 5,394,931 shares of the company's stock, valued at approximately $195,350,451.51. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Xinyan Hao sold 1,088 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold 1,453,279 shares of company stock worth $49,256,053 in the last three months. 43.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently modified their holdings of GCT. CWM LLC purchased a new position in GigaCloud Technology in the 4th quarter worth approximately $30,000. Quarry LP bought a new position in shares of GigaCloud Technology during the fourth quarter valued at $47,000. PAX Financial Group LLC purchased a new stake in shares of GigaCloud Technology during the third quarter valued at $141,000. Tucker Asset Management LLC boosted its position in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company's stock valued at $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 stake in GigaCloud Technology in the 3rd quarter worth about $172,000. 34.94% of the stock is currently owned by institutional investors.

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.

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