GigaCloud Technology (NASDAQ:GCT) Stock Price Up 2.1%

GigaCloud Technology Inc. (NASDAQ:GCT)’s share price rose 2.1% during mid-day trading on Friday . The company traded as high as $31.19 and last traded at $30.74. Approximately 381,283 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,805,560 shares. The stock had previously closed at $30.12.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Price Performance

The company’s fifty day moving average price is $33.27 and its 200-day moving average price is $29.14. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 11.60 and a beta of 1.87.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same quarter in the prior year, the business posted $0.39 EPS. On average, sell-side analysts forecast that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Frank Hurst Lin sold 92,886 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $36.78, for a total value of $3,416,347.08. Following the transaction, the director now directly owns 5,577,003 shares of the company’s stock, valued at $205,122,170.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the completion of the transaction, the chief executive officer now directly owns 533,816 shares in the company, valued at $21,464,741.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank Hurst Lin sold 92,886 shares of the stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $36.78, for a total value of $3,416,347.08. Following the sale, the director now directly owns 5,577,003 shares in the company, valued at $205,122,170.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,393,745 shares of company stock valued at $48,894,889. 43.00% of the stock is owned by company insiders.

Institutional Trading of GigaCloud Technology

A number of hedge funds have recently modified their holdings of the stock. Raymond James & Associates acquired a new position in GigaCloud Technology in the fourth quarter valued at approximately $517,000. Ritholtz Wealth Management purchased a new position in shares of GigaCloud Technology during the 4th quarter valued at approximately $295,000. CWM LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in GigaCloud Technology during the fourth quarter valued at $622,000. Finally, Avantax Advisory Services Inc. purchased a new position in GigaCloud Technology in the fourth quarter valued at $226,000. Hedge funds and other institutional investors 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.