GigaCloud Technology (NASDAQ:GCT) Stock Price Down 3.8% – What’s Next?

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price traded down 3.8% on Monday . The stock traded as low as $24.00 and last traded at $24.27. 271,364 shares traded hands during trading, a decline of 88% from the average session volume of 2,326,573 shares. The stock had previously closed at $25.24.

Wall Street Analyst Weigh In

Several research firms recently commented on GCT. Lake Street Capital started coverage on 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 raised GigaCloud Technology to a “strong-buy” rating in a research report on Wednesday, August 14th.

GigaCloud Technology Trading Down 5.7 %

The firm’s 50-day simple moving average is $21.47 and its 200 day simple moving average is $28.37. The stock has a market cap of $954.24 million, a P/E ratio of 9.10 and a beta of 1.77.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.32. The business had revenue of $310.90 million during the quarter, compared to analyst estimates of $275.47 million. GigaCloud Technology had a return on equity of 39.75% and a net margin of 11.57%. The business’s revenue for the quarter was up 102.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, analysts anticipate that GigaCloud Technology Inc. will post 2.67 EPS for the current year.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors have recently bought and sold shares of GCT. Amalgamated Bank bought a new stake in shares of GigaCloud Technology during the 2nd quarter worth about $25,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of GigaCloud Technology during the second quarter valued at approximately $66,000. Creative Planning bought a new stake in GigaCloud Technology during the third quarter worth approximately $207,000. SG Americas Securities LLC acquired a new stake in GigaCloud Technology in the third quarter worth approximately $231,000. Finally, The Manufacturers Life Insurance Company bought a new position in GigaCloud Technology during the 2nd quarter valued at $259,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

About GigaCloud Technology

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.