Shares of GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) traded down 6.1% during mid-day trading on Wednesday . The stock traded as low as $25.07 and last traded at $25.15. 491,817 shares were traded during mid-day trading, a decline of 79% from the average session volume of 2,290,523 shares. The stock had previously closed at $26.79.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Lake Street Capital assumed coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a "buy" rating and a $50.00 price objective for the company. Aegis raised shares of GigaCloud Technology to a "strong-buy" rating in a research note on Wednesday, August 14th.
Get Our Latest Stock Report on GigaCloud Technology
GigaCloud Technology Trading Down 7.4 %
The stock has a market cap of $1.01 billion, a P/E ratio of 9.65 and a beta of 1.77. The firm's fifty day moving average is $21.78 and its 200 day moving average is $28.07.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.71 by $0.32. GigaCloud Technology had a net margin of 11.57% and a return on equity of 39.75%. The firm had revenue of $310.90 million for the quarter, compared to the consensus estimate of $275.47 million. During the same quarter last year, the firm posted $0.45 EPS. The business's quarterly revenue was up 102.8% on a year-over-year basis. Research analysts forecast that GigaCloud Technology Inc. will post 2.67 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank bought a new stake in GigaCloud Technology in the second quarter valued at about $25,000. MFA Wealth Advisors LLC bought a new stake in GigaCloud Technology in the third quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. bought a new stake in GigaCloud Technology in the second quarter valued at about $66,000. Creative Planning bought a new stake in GigaCloud Technology in the third quarter valued at about $207,000. Finally, SG Americas Securities LLC bought a new stake in GigaCloud Technology in the third quarter valued at about $231,000. 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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