GigaCloud Technology (NASDAQ:GCT) Stock Rating Upgraded by Wall Street Zen

Key Points

• GigaCloud Technology’s rating was upgraded to “strong buy” by Wall Street Zen, while Weiss Ratings separately raised its rating to “buy.” MarketBeat’s analyst consensus is currently “Moderate Buy.”
• The company exceeded quarterly expectations, reporting $1.16 in EPS versus the $0.90 consensus and revenue of $411.64 million versus $380.63 million expected.
• Shares opened at $53.98, near the company’s 52-week high of $56.27. However, insiders have sold 122,503 shares worth approximately $6.4 million over the past 90 days, while institutional investors and hedge funds own 34.94% of the stock.

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

Separately, Weiss Ratings raised shares of GigaCloud Technology from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy".

GigaCloud Technology Price Performance

Shares of NASDAQ:GCT opened at $53.98 on Friday. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 12.76 and a beta of 1.65. The firm's 50 day simple moving average is $48.89 and its 200 day simple moving average is $42.64. GigaCloud Technology has a fifty-two week low of $25.39 and a fifty-two week high of $56.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.90 by $0.26. GigaCloud Technology had a net margin of 10.65% and a return on equity of 31.42%. The firm had revenue of $411.64 million during the quarter, compared to analysts' expectations of $380.63 million. Equities research analysts expect that GigaCloud Technology will post 4.18 earnings per share for the current year.

Insider Activity

In related news, insider Marshall Bernes sold 13,800 shares of the firm's stock in a transaction on Friday, September 25th. The shares were sold at an average price of $54.31, for a total value of $749,478.00. Following the completion of the transaction, the insider owned 7,150 shares of the company's stock, valued at approximately $388,316.50. This trade represents a 65.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Zhiwu Chen sold 3,000 shares of GigaCloud Technology 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 sale, the director owned 21,057 shares in the company, valued at $1,118,547.84. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 122,503 shares of company stock worth $6,395,655 over the last ninety days. Insiders own 23.37% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

A number of large investors have recently modified their holdings of GCT. Engineers Gate Manager LP acquired a new stake in shares of GigaCloud Technology in the 2nd quarter valued at approximately $334,000. Integrated Wealth Concepts LLC bought a new position in shares of GigaCloud Technology in the second quarter valued at $30,000. Squarepoint Ops LLC increased its holdings in GigaCloud Technology by 341.5% during the second quarter. Squarepoint Ops LLC now owns 41,673 shares of the company's stock worth $1,317,000 after buying an additional 32,234 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in GigaCloud Technology during the second quarter worth $766,000. Finally, Globeflex Capital L P bought a new stake in GigaCloud Technology during the second quarter worth $1,561,000. 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 large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and retailers in North America, Europe and other markets. The platform is designed for products such as furniture, appliances, fitness equipment and other bulky consumer goods that can be more complex to ship and sell through traditional e-commerce channels.

In addition to facilitating transactions, GigaCloud provides integrated services intended to support the order lifecycle, including payments, warehousing, international freight, delivery coordination and last-mile logistics.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.