GigaCloud Technology (NASDAQ:GCT) Trading 5.2% Higher

Shares of GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) traded up 5.2% on Monday . The stock traded as high as $33.15 and last traded at $32.75. 979,278 shares traded hands during trading, a decline of 68% from the average session volume of 3,053,384 shares. The stock had previously closed at $31.14.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. 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 note on Tuesday, April 2nd. Maxim Group assumed coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They set a "buy" rating and a $69.00 target price for the company.

GigaCloud Technology Price Performance

The company's 50 day moving average price is $33.61 and its 200 day moving average price is $26.73. The firm 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 posted its quarterly earnings data on Thursday, May 9th. The company reported $0.84 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $235.00 million. During the same quarter last year, the firm posted $0.39 earnings per share. Sell-side analysts expect that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Frank Hurst Lin sold 133,097 shares of the firm's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total value of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares of the company's stock, valued at $175,119,494.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Frank Hurst Lin sold 133,097 shares of the firm's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total value of $4,043,486.86. Following the sale, the director now owns 5,764,302 shares of the company's stock, valued at $175,119,494.76. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Kwok Hei Lau sold 2,619 shares of the firm's 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 sale, the chief financial officer now directly owns 27,803 shares in the company, valued at approximately $847,991.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,453,279 shares of company stock valued at $49,256,053. 43.00% of the stock is currently owned by company insiders.

Institutional Trading of GigaCloud Technology

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC acquired a new stake in GigaCloud Technology during the fourth quarter worth approximately $30,000. Quarry LP acquired a new stake in GigaCloud Technology during the fourth quarter worth approximately $47,000. PAX Financial Group LLC acquired a new stake in GigaCloud Technology during the third quarter worth approximately $141,000. Tucker Asset Management LLC raised its holdings 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 purchasing an additional 7,499 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new stake in GigaCloud Technology during the third quarter worth approximately $172,000. 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.