GigaCloud Technology (NASDAQ:GCT) Trading Down 5.3% - What's Next?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) dropped 5.3% during trading on Tuesday . The company traded as low as $17.46 and last traded at $17.45. Approximately 599,527 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 1,201,006 shares. The stock had previously closed at $18.42.

Analysts Set New Price Targets

Several analysts have issued reports on GCT shares. Roth Capital downgraded shares of GigaCloud Technology from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 4th. Roth Mkm cut GigaCloud Technology from a "buy" rating to a "neutral" rating and lowered their target price for the company from $32.00 to $15.00 in a report on Tuesday, March 4th. Finally, Lake Street Capital cut their price target on GigaCloud Technology from $50.00 to $26.00 and set a "buy" rating for the company in a report on Tuesday, March 4th.

GigaCloud Technology Trading Down 4.1%

The company has a market cap of $672.51 million, a price-to-earnings ratio of 5.74 and a beta of 2.35. The stock's 50 day moving average price is $16.29 and its 200 day moving average price is $17.26.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.46 by $0.22. GigaCloud Technology had a net margin of 10.64% and a return on equity of 31.90%. The firm had revenue of $271.91 million during the quarter, compared to analyst estimates of $259.80 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. GigaCloud Technology's revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities analysts expect that GigaCloud Technology Inc. will post 3.1 earnings per share for the current fiscal year.

GigaCloud Technology announced that its Board of Directors has initiated a share buyback program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to buy up to 2.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Institutional Trading of GigaCloud Technology

Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE boosted its stake in shares of GigaCloud Technology by 200.0% during the 4th quarter. US Bancorp DE now owns 1,500 shares of the company's stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. CWM LLC increased its position in shares of GigaCloud Technology by 319.8% in the 1st quarter. CWM LLC now owns 2,821 shares of the company's stock worth $40,000 after purchasing an additional 2,149 shares during the last quarter. Amundi acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at about $45,000. Russell Investments Group Ltd. lifted its position in shares of GigaCloud Technology by 724.7% during the first quarter. Russell Investments Group Ltd. now owns 4,148 shares of the company's stock worth $59,000 after purchasing an additional 3,645 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in GigaCloud Technology by 2,444.8% in the first quarter. Jones Financial Companies Lllp now owns 4,199 shares of the company's stock worth $60,000 after purchasing an additional 4,034 shares in the last quarter. 34.94% of the stock is owned by hedge funds and other institutional investors.

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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