GigaCloud Technology (NASDAQ:GCT) Shares Up 2.9%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price was up 2.9% during trading on Friday . The company traded as high as $31.17 and last traded at $30.96. Approximately 402,295 shares traded hands during trading, a decline of 87% from the average daily volume of 2,994,883 shares. The stock had previously closed at $30.10.

Wall Street Analysts Forecast Growth

GCT has been the topic of several analyst reports. Roth Mkm upped their target price 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. Maxim Group initiated coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a "buy" rating and a $69.00 target price on the stock.

GigaCloud Technology Stock Up 1.7 %

The business's 50 day simple moving average is $34.01 and its 200 day simple moving average is $27.10. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 12.05 and a beta of 1.87.

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. Equities research analysts forecast that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Transactions at GigaCloud Technology

In related news, CTO Xin Wan sold 150,000 shares of the firm's stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total value of $4,089,000.00. Following the transaction, the chief technology officer now owns 947,540 shares in the company, valued at $25,829,940.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Xin Wan sold 150,000 shares of the firm's stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the completion of the transaction, the chief technology officer now owns 947,540 shares of the company's stock, valued at $25,829,940.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the sale, the chief financial officer now owns 27,803 shares of the company's stock, valued at $847,991.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have 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

A number of institutional investors have recently bought and sold shares of the company. Tidal Investments LLC bought a new position in shares of GigaCloud Technology during the 1st quarter worth approximately $1,731,000. Truvestments Capital LLC acquired a new position in shares of GigaCloud Technology during the first quarter valued at about $327,000. Avantax Advisory Services Inc. boosted its position in shares of GigaCloud Technology by 86.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company's stock worth $615,000 after purchasing an additional 10,659 shares in the last quarter. Thoroughbred Financial Services LLC bought a new stake in GigaCloud Technology in the 1st quarter valued at about $1,212,000. Finally, Empowered Funds LLC raised its stake in GigaCloud Technology by 8.1% during the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company's stock worth $4,369,000 after buying an additional 12,278 shares during the period. 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.