GigaCloud Technology (NASDAQ:GCT) Trading 2.1% Higher

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price shot up 2.1% on Wednesday . The company traded as high as $32.34 and last traded at $32.00. 369,971 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 3,021,391 shares. The stock had previously closed at $31.34.

Analysts Set New Price Targets

GCT has been the subject of a number of research analyst reports. Maxim Group began coverage on shares of GigaCloud Technology in a report on Wednesday, May 22nd. They set a "buy" rating and a $69.00 price objective for the company. Roth Mkm lifted their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a "buy" rating in a report on Tuesday, April 2nd.

GigaCloud Technology Stock Performance

The company has a market cap of $1.30 billion, a P/E ratio of 12.44 and a beta of 1.87. The firm has a 50 day moving average price of $33.83 and a two-hundred day moving average price of $27.05.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, topping 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 firm had revenue of $251.08 million for the quarter, compared to the consensus estimate of $235.00 million. During the same period last year, the firm posted $0.39 earnings per share. On average, sell-side analysts predict that GigaCloud Technology Inc. will post 3.25 EPS for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In related news, COO Xinyan Hao sold 1,088 shares of the firm's stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Frank Hurst Lin sold 133,097 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.38, for a total transaction of $4,043,486.86. Following the completion of the sale, the director now directly owns 5,764,302 shares in the company, valued at $175,119,494.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the company's 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 transaction, the chief operating officer now directly owns 1,148,912 shares of the company's stock, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders sold a total of 1,453,279 shares of company stock worth $49,256,053 over the last three months. Company insiders own 43.00% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

Institutional investors have recently added to or reduced their stakes in the company. CWM LLC bought a new position in shares of GigaCloud Technology during the fourth quarter valued at approximately $30,000. Quarry LP bought a new position in GigaCloud Technology during the 4th quarter valued at approximately $47,000. 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 valued at $146,000 after buying an additional 7,499 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in GigaCloud Technology by 86.3% in the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company's stock worth $615,000 after acquiring an additional 10,659 shares in the last quarter. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth $207,000. Institutional investors 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.