GigaCloud Technology (NASDAQ:GCT) Shares Down 6.8% – What’s Next?

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) dropped 6.8% during trading on Monday . The company traded as low as $25.69 and last traded at $26.03. Approximately 1,517,576 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 2,235,089 shares. The stock had previously closed at $27.93.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GCT. Lake Street Capital initiated coverage on shares of GigaCloud Technology in a research note on Monday, July 29th. They issued a “buy” rating and a $50.00 price target on the stock. Aegis upgraded shares of GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Price Performance

The stock has a market capitalization of $1.11 billion, a P/E ratio of 8.49 and a beta of 1.78. The firm has a 50-day simple moving average of $22.37 and a 200 day simple moving average of $27.15.

Institutional Trading of GigaCloud Technology

Large investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at about $25,000. MFA Wealth Advisors LLC acquired a new stake in GigaCloud Technology in the third quarter valued at approximately $26,000. New York State Teachers Retirement System bought a new stake in shares of GigaCloud Technology during the third quarter valued at approximately $49,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of GigaCloud Technology during the second quarter valued at approximately $66,000. Finally, Banque Cantonale Vaudoise raised its position in shares of GigaCloud Technology by 345.6% during the third quarter. Banque Cantonale Vaudoise now owns 7,286 shares of the company’s stock worth $167,000 after purchasing an additional 5,651 shares during the period. 34.94% of the stock is currently owned by institutional investors and hedge funds.

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.