GigaCloud Technology (NASDAQ:GCT) Price Target Lowered to $26.00 at Lake Street Capital

GigaCloud Technology (NASDAQ:GCT) had its price target lowered by equities researchers at Lake Street Capital from $50.00 to $26.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 57.86% from the stock’s previous close.

Separately, Roth Mkm lowered GigaCloud Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $32.00 to $15.00 in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.67.

GigaCloud Technology Stock Performance

GigaCloud Technology stock opened at $16.47 on Tuesday. The firm has a market cap of $674.81 million, a price-to-earnings ratio of 5.21 and a beta of 1.94. GigaCloud Technology has a 52-week low of $13.60 and a 52-week high of $45.18. The firm has a 50 day moving average price of $19.44 and a two-hundred day moving average price of $21.23.

GigaCloud Technology (NASDAQ:GCT) last announced its quarterly earnings data on Monday, March 3rd. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.14). GigaCloud Technology had a net margin of 11.75% and a return on equity of 40.32%. The business had revenue of $295.78 million during the quarter, compared to analyst estimates of $290.00 million. During the same period in the prior year, the firm earned $0.87 earnings per share. As a group, equities research analysts predict that GigaCloud Technology will post 3.1 EPS for the current fiscal year.

Insider Activity at GigaCloud Technology

In other GigaCloud Technology news, CTO Xin Wan sold 80,000 shares of GigaCloud Technology stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $22.14, for a total transaction of $1,771,200.00. Following the transaction, the chief technology officer now owns 867,540 shares of the company’s stock, valued at $19,207,335.60. This trade represents a 8.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Frank Hurst Lin sold 2,663,076 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $21.80, for a total value of $58,055,056.80. Following the completion of the transaction, the insider now owns 1,406,813 shares in the company, valued at $30,668,523.40. The trade was a 65.43 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,811,979 shares of company stock valued at $61,233,745. 43.00% of the stock is owned by insiders.

Institutional Investors Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in the business. US Bancorp DE grew its position in GigaCloud Technology by 200.0% during the fourth quarter. US Bancorp DE now owns 1,500 shares of the company’s stock valued at $28,000 after buying an additional 1,000 shares during the period. Amundi bought a new position in shares of GigaCloud Technology during the 4th quarter valued at approximately $45,000. New York State Teachers Retirement System bought a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $49,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of GigaCloud Technology in the 3rd quarter worth approximately $51,000. Finally, Heck Capital Advisors LLC purchased a new position in GigaCloud Technology in the fourth quarter valued at approximately $79,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

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.