GigaCloud Technology (NASDAQ:GCT) Downgraded by Wall Street Zen to "Buy"

Key Points

• Wall Street Zen downgraded GigaCloud Technology from “strong buy” to “buy,” while Weiss Ratings raised its view from “hold” to “buy.” The stock’s overall analyst consensus is “Moderate Buy.”
• GigaCloud reported quarterly EPS of $1.16, exceeding the $0.90 consensus estimate, while revenue of $411.64 million also topped expectations. Shares opened at $53.75, near their 12-month high of $56.27.
• Insiders sold 127,000 shares worth approximately $6.64 million over the past 90 days, while institutional ownership stands at 34.94%; insiders own 23.37% of the company.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

Separately, Weiss Ratings upgraded shares of GigaCloud Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy".

GigaCloud Technology Trading Up 1.1%

GCT opened at $53.75 on Friday. The firm's 50-day moving average price is $50.41 and its 200 day moving average price is $42.98. The firm has a market capitalization of $1.92 billion, a PE ratio of 12.71 and a beta of 1.64. GigaCloud Technology has a twelve month low of $25.39 and a twelve month high of $56.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.90 by $0.26. The company had revenue of $411.64 million for the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%. As a group, analysts predict that GigaCloud Technology will post 4.92 earnings per share for the current fiscal year.

Insider Transactions at GigaCloud Technology

In related news, insider Marshall Bernes sold 13,800 shares of the stock in a transaction on Friday, September 25th. The stock was sold at an average price of $54.31, for a total transaction of $749,478.00. Following the completion of the sale, the insider directly owned 7,150 shares of the company's stock, valued at $388,316.50. This trade represents a 65.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Zhiwu Chen sold 3,000 shares of the business's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the transaction, the director directly owned 21,057 shares in the company, valued at $1,118,547.84. This represents a 12.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 127,000 shares of company stock worth $6,636,604 over the last 90 days. 23.37% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. KBC Group NV purchased a new stake in GigaCloud Technology in the 1st quarter valued at approximately $1,740,000. Sei Investments Co. purchased a new position in shares of GigaCloud Technology during the 1st quarter worth approximately $2,786,000. Cetera Investment Advisers lifted its holdings in shares of GigaCloud Technology by 55.2% in the 1st quarter. Cetera Investment Advisers now owns 53,180 shares of the company's stock valued at $2,413,000 after buying an additional 18,914 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $766,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of GigaCloud Technology in the first quarter valued at approximately $3,576,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

About GigaCloud Technology

GigaCloud Technology Inc operates a business-to-business e-commerce platform focused on the global trade of large and bulky merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. Products traded through the platform include furniture, home goods, appliances, fitness equipment and other oversized items.

The company combines its online marketplace with logistics and fulfillment services designed for large-parcel products.

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