GigaCloud Technology (NASDAQ:GCT) Trading Down 2.5%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shares were down 2.5% during mid-day trading on Tuesday . The company traded as low as $31.23 and last traded at $31.74. Approximately 465,742 shares were traded during trading, a decline of 85% from the average daily volume of 3,037,490 shares. The stock had previously closed at $32.57.

Analyst Upgrades and Downgrades

GCT has been the topic of a number of recent analyst reports. Roth Mkm lifted their target price on 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 initiated coverage on GigaCloud Technology in a research note on Wednesday, May 22nd. They set a "buy" rating and a $69.00 target price on the stock.

GigaCloud Technology Stock Performance

The company has a market capitalization of $1.28 billion, a P/E ratio of 12.19 and a beta of 1.88. The stock has a 50 day moving average price of $33.83 and a 200 day moving average price of $27.05.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Thursday, May 9th. The company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.33. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The company had revenue of $251.08 million for the quarter, compared to analysts' expectations of $235.00 million. During the same period in the previous year, the business posted $0.39 EPS. As a group, sell-side analysts expect that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Insider Activity at GigaCloud Technology

In related news, CEO Lei Wu sold 1,000 shares of the business's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $29.53, for a total value of $29,530.00. Following the sale, the chief executive officer now directly owns 1,248,994 shares in the company, valued at approximately $36,882,792.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other GigaCloud Technology news, Director Frank Hurst Lin sold 40,134 shares of GigaCloud Technology stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $36.21, for a total transaction of $1,453,252.14. Following the completion of the transaction, the director now owns 5,394,931 shares of the company's stock, valued at approximately $195,350,451.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Lei Wu sold 1,000 shares of GigaCloud Technology stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the transaction, the chief executive officer now directly owns 1,248,994 shares of the company's stock, valued at approximately $36,882,792.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,453,279 shares of company stock worth $49,256,053. Company insiders own 43.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Tidal Investments LLC purchased a new position in GigaCloud Technology during the 1st quarter valued at about $1,731,000. Truvestments Capital LLC purchased a new position in GigaCloud Technology during the 1st quarter valued at about $327,000. Avantax Advisory Services Inc. grew its holdings in GigaCloud Technology by 86.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company's stock valued at $615,000 after buying an additional 10,659 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new position in GigaCloud Technology during the 1st quarter valued at about $1,212,000. Finally, Empowered Funds LLC grew its holdings 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 in the last quarter. Hedge funds and other 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.