GigaCloud Technology (NASDAQ:GCT) Trading 8.1% Higher

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 8.1% during trading on Friday . The stock traded as high as $37.55 and last traded at $37.50. Approximately 2,237,614 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 3,051,519 shares. The stock had previously closed at $34.70.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm increased their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Up 7.4 %

The stock has a market capitalization of $1.52 billion, a P/E ratio of 16.20 and a beta of 1.99. The company has a 50-day moving average price of $33.68 and a two-hundred day moving average price of $22.97.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. On average, sell-side analysts expect that GigaCloud Technology Inc. will post 2.98 earnings per share for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, CFO David Kwok Hei Lau sold 2,619 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO David Kwok Hei Lau sold 2,619 shares of the stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the transaction, the chief financial officer now owns 27,803 shares of the company’s stock, valued at approximately $847,991.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Frank Hurst Lin sold 133,097 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.38, for a total value of $4,043,486.86. Following the completion of the sale, the director now directly owns 5,764,302 shares in the company, valued at $175,119,494.76. The disclosure for this sale can be found here. Insiders sold a total of 784,464 shares of company stock valued at $24,502,055 over the last 90 days. Insiders own 45.30% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds and other institutional investors have recently bought and sold shares of GCT. CWM LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $47,000. Tucker Asset Management LLC increased its position in shares of GigaCloud Technology by 1,499.8% during the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after purchasing an additional 7,499 shares during the last quarter. Foundations Investment Advisors LLC purchased a new stake in shares of GigaCloud Technology during the 4th quarter valued at about $207,000. Finally, Avantax Advisory Services Inc. bought a new position in shares of GigaCloud Technology in the 4th quarter worth approximately $226,000. 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.