GigaCloud Technology (NASDAQ:GCT) Trading 0.5% Higher

Shares of GigaCloud Technology Inc. (NASDAQ:GCTGet Free Report) traded up 0.5% during trading on Wednesday . The stock traded as high as $30.30 and last traded at $30.20. 1,527,701 shares were traded during trading, a decline of 28% from the average session volume of 2,135,972 shares. The stock had previously closed at $30.06.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Maxim Group assumed coverage on shares of GigaCloud Technology in a research report on Wednesday, May 22nd. They set a “buy” rating and a $69.00 price target for the company. Roth Mkm upped their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd.

View Our Latest Analysis on GCT

GigaCloud Technology Price Performance

The firm’s 50-day moving average price is $33.83 and its 200-day moving average price is $28.55. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 11.75 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCTGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The company had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, sell-side analysts anticipate that GigaCloud Technology Inc. will post 3.25 earnings per share for the current year.

Insider Transactions at GigaCloud Technology

In other news, COO Xinyan Hao sold 282,545 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the transaction, the chief operating officer now directly owns 854,941 shares in the company, valued at $30,863,370.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Xinyan Hao sold 282,545 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $36.10, for a total value of $10,199,874.50. Following the completion of the transaction, the chief operating officer now directly owns 854,941 shares in the company, valued at $30,863,370.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank Hurst Lin sold 94,413 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.38, for a total transaction of $2,585,027.94. Following the completion of the transaction, the director now owns 5,669,889 shares of the company’s stock, valued at $155,241,560.82. The disclosure for this sale can be found here. Insiders sold 1,578,698 shares of company stock valued at $53,711,842 over the last 90 days. Corporate insiders own 43.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC bought a new position in GigaCloud Technology during the 1st quarter valued at $1,731,000. Truvestments Capital LLC bought a new position in GigaCloud Technology during the 1st quarter valued at $327,000. Avantax Advisory Services Inc. boosted its stake 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 acquiring an additional 10,659 shares during the last quarter. Thoroughbred Financial Services LLC bought a new position in GigaCloud Technology during the 1st quarter valued at $1,212,000. Finally, Empowered Funds LLC boosted its stake in GigaCloud Technology by 8.1% during the 1st quarter. Empowered Funds LLC now owns 163,510 shares of the company’s stock valued at $4,369,000 after acquiring an additional 12,278 shares during the last quarter. 34.94% of the stock is currently owned by institutional investors.

About GigaCloud Technology

(Get Free Report)

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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