GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price traded up 6.4% during mid-day trading on Friday . The company traded as high as $26.15 and last traded at $26.02. 912,921 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 2,304,600 shares. The stock had previously closed at $24.45.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the company. Lake Street Capital assumed coverage on GigaCloud Technology in a research note on Monday, July 29th. They issued a "buy" rating and a $50.00 target price for the company. Aegis raised GigaCloud Technology to a "strong-buy" rating in a research report on Wednesday, August 14th.
Get Our Latest Report on GCT
GigaCloud Technology Price Performance
The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 10.25 and a beta of 1.77. The firm has a 50-day moving average price of $21.51 and a two-hundred day moving average price of $28.32.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business had revenue of $310.90 million for the quarter, compared to analyst estimates of $275.47 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. GigaCloud Technology's revenue was up 102.8% on a year-over-year basis. On average, equities analysts predict that GigaCloud Technology Inc. will post 2.67 EPS for the current year.
Hedge Funds Weigh In On GigaCloud Technology
A number of large investors have recently made changes to their positions in the company. Empowered Funds LLC increased its stake in shares of GigaCloud Technology by 8.1% during the first quarter. Empowered Funds LLC now owns 163,510 shares of the company's stock worth $4,369,000 after purchasing an additional 12,278 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its position in GigaCloud Technology by 60.4% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company's stock worth $2,772,000 after buying an additional 34,318 shares in the last quarter. Aptus Capital Advisors LLC acquired a new stake in GigaCloud Technology during the second quarter worth approximately $2,663,000. Second Line Capital LLC acquired a new stake in GigaCloud Technology during the second quarter worth approximately $2,660,000. Finally, Bank of New York Mellon Corp acquired a new stake in GigaCloud Technology during the second quarter worth approximately $2,000,000. Institutional investors own 34.94% of the company's stock.
About GigaCloud Technology
(
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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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