GigaCloud Technology (NASDAQ:GCT) Stock Price Down 7.2% - Time to Sell?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price fell 7.2% on Tuesday . The stock traded as low as $24.89 and last traded at $25.40. 809,657 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 2,348,662 shares. The stock had previously closed at $27.38.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Lake Street Capital began coverage on GigaCloud Technology in a report on Monday, July 29th. They set a "buy" rating and a $50.00 target price for the company. Aegis upgraded shares of GigaCloud Technology to a "strong-buy" rating in a research note on Wednesday, August 14th.

GigaCloud Technology Stock Down 9.5 %

The company has a 50 day moving average price of $21.78 and a 200-day moving average price of $28.47. The company has a market cap of $1.01 billion, a price-to-earnings ratio of 10.06 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to the consensus estimate of $275.47 million. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The company's revenue for the quarter was up 102.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. On average, analysts forecast that GigaCloud Technology Inc. will post 2.67 EPS for the current fiscal year.

Institutional Investors Weigh In On GigaCloud Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC lifted its stake in shares of GigaCloud Technology by 8.1% in the first quarter. Empowered Funds LLC now owns 163,510 shares of the company's stock valued at $4,369,000 after buying an additional 12,278 shares in the last quarter. Quadrature Capital Ltd acquired a new position in GigaCloud Technology during the 4th quarter valued at about $2,803,000. Kayne Anderson Rudnick Investment Management LLC increased its holdings in GigaCloud Technology by 60.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 91,125 shares of the company's stock worth $2,772,000 after purchasing an additional 34,318 shares in the last quarter. Aptus Capital Advisors LLC bought a new stake in GigaCloud Technology during the 2nd quarter worth approximately $2,663,000. Finally, Second Line Capital LLC purchased a new stake in shares of GigaCloud Technology in the second quarter worth approximately $2,660,000. 34.94% of the stock is owned by institutional investors.

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.