GigaCloud Technology (NASDAQ:GCT) Stock Price Up 4.1%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price traded up 4.1% during trading on Monday . The stock traded as high as $32.19 and last traded at $31.85. 482,193 shares changed hands during trading, a decline of 84% from the average session volume of 2,976,167 shares. The stock had previously closed at $30.60.

Analysts Set New Price Targets

A number of analysts recently issued reports on GCT shares. Maxim Group assumed coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a "buy" rating and a $69.00 price target for the company. Roth Mkm increased their target price on 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 Up 4.3 %

The firm has a 50-day moving average of $34.09 and a two-hundred day moving average of $27.50. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 12.39 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its 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. The firm had revenue of $251.08 million for the quarter, compared to the consensus estimate of $235.00 million. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. During the same period in the prior year, the business posted $0.39 earnings per share. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insider Activity

In related news, CEO Lei Wu sold 14,188 shares of the company's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $36.06, for a total transaction of $511,619.28. Following the completion of the sale, the chief executive officer now directly owns 114,190 shares of the company's stock, valued at approximately $4,117,691.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other GigaCloud Technology news, Director Frank Hurst Lin sold 40,134 shares of GigaCloud Technology stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $36.21, for a total value of $1,453,252.14. Following the transaction, the director now directly owns 5,394,931 shares of the company's stock, valued at approximately $195,350,451.51. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Lei Wu sold 14,188 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $36.06, for a total value of $511,619.28. Following the completion of the sale, the chief executive officer now directly owns 114,190 shares of the company's stock, valued at $4,117,691.40. The disclosure for this sale can be found here. Insiders have sold a total of 1,453,279 shares of company stock valued at $49,256,053 over the last 90 days. 43.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new position in GigaCloud Technology in the third quarter worth $9,634,000. New York State Common Retirement Fund acquired a new stake in shares of GigaCloud Technology during the third quarter worth approximately $1,895,000. Quadrature Capital Ltd bought a new stake in shares of GigaCloud Technology during the fourth quarter worth approximately $2,803,000. Pacific Ridge Capital Partners LLC bought a new stake in shares of GigaCloud Technology during the 3rd quarter valued at $586,000. Finally, Tidal Investments LLC acquired a new position in GigaCloud Technology in the first quarter valued at about $1,731,000. 34.94% of the stock is owned by institutional investors and hedge funds.

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.