GigaCloud Technology (NASDAQ:GCT) Trading Down 5.3% - Time to Sell?

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shares were down 5.3% during mid-day trading on Tuesday . The stock traded as low as $17.46 and last traded at $17.45. Approximately 599,527 shares were traded 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.

Wall Street Analyst Weigh In

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

GigaCloud Technology Stock Performance

The business's 50-day moving average is $16.68 and its two-hundred day moving average is $17.25. The stock has a market capitalization of $753.79 million, a PE ratio of 6.45 and a beta of 2.36.

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

GigaCloud Technology announced that its Board of Directors has approved a share repurchase program on Wednesday, April 2nd that permits the company to buyback $16.00 million in shares. This buyback authorization permits the company to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently modified their holdings of GCT. US Bancorp DE boosted its position in shares of GigaCloud Technology by 200.0% in the fourth quarter. US Bancorp DE now owns 1,500 shares of the company's stock worth $28,000 after acquiring an additional 1,000 shares during the last quarter. CWM LLC lifted its position in GigaCloud Technology by 319.8% during the first quarter. CWM LLC now owns 2,821 shares of the company's stock valued at $40,000 after buying an additional 2,149 shares in the last quarter. Amundi purchased a new stake in GigaCloud Technology during the fourth quarter worth approximately $45,000. Russell Investments Group Ltd. lifted its holdings in shares of GigaCloud Technology by 724.7% during the 1st quarter. Russell Investments Group Ltd. now owns 4,148 shares of the company's stock valued at $59,000 after acquiring an additional 3,645 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in shares of GigaCloud Technology by 2,444.8% during 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. Hedge funds and other institutional investors own 34.94% of the company's stock.

GigaCloud Technology Company Profile

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.