GigaCloud Technology (NASDAQ:GCT) Sets New 1-Year High - Here's What Happened

Key Points

• GigaCloud Technology Inc. shares reached a new 52-week high of $34.50, with the last trade recorded at $32.74 on a volume of 290,071 shares.
• Analyst upgrades from Lake Street Capital raised GigaCloud's price target from $26.00 to $33.00, and designated the stock as a "buy."
• The company reported a $0.91 EPS for the quarter, significantly exceeding analysts' estimates of $0.46, and its revenue increased to $322.61 million compared to $290.08 million projected by analysts.

Shares of GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $34.50 and last traded at $32.74, with a volume of 290071 shares trading hands. The stock had previously closed at $32.27.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital increased their price objective on GigaCloud Technology from $26.00 to $33.00 and gave the company a "buy" rating in a report on Friday, August 8th.

GigaCloud Technology Stock Down 0.1%

The company has a fifty day moving average of $21.84 and a two-hundred day moving average of $18.11. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 9.70 and a beta of 2.36.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.45. GigaCloud Technology had a return on equity of 32.33% and a net margin of 11.17%. The company had revenue of $322.61 million during the quarter, compared to the consensus estimate of $290.08 million. During the same quarter last year, the company earned $1.03 earnings per share. GigaCloud Technology's quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of GigaCloud Technology by 24.7% in the fourth quarter. JPMorgan Chase & Co. now owns 125,552 shares of the company's stock valued at $2,325,000 after buying an additional 24,866 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in GigaCloud Technology by 52.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 28,380 shares of the company's stock worth $418,000 after purchasing an additional 9,787 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in GigaCloud Technology during the 4th quarter worth about $349,000. Nuveen Asset Management LLC increased its position in GigaCloud Technology by 37.1% during the 4th quarter. Nuveen Asset Management LLC now owns 409,787 shares of the company's stock worth $7,589,000 after purchasing an additional 110,804 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in GigaCloud Technology during the 1st quarter worth about $4,806,000. 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.

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