GigaCloud Technology (NASDAQ:GCT) Price Target Raised to $33.00 at Lake Street Capital

Key Points

• Lake Street Capital raised its price target for GigaCloud Technology (NASDAQ:GCT) from $26.00 to $33.00, indicating a potential upside of 14.15% from the stock's previous close.
• The company's stock price increased 30.5% to $28.91 during trading, with a substantial trading volume of 4,399,143 shares.
• GigaCloud Technology reported a better-than-expected earnings per share (EPS) of $0.91 for the last quarter, surpassing analysts' estimates of $0.46.

GigaCloud Technology (NASDAQ:GCT - Free Report) had its price objective hoisted by Lake Street Capital from $26.00 to $33.00 in a research note released on Friday morning,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

GigaCloud Technology Trading Up 0.1%

Shares of GCT traded up $0.02 during mid-day trading on Friday, hitting $30.25. The company's stock had a trading volume of 928,403 shares, compared to its average volume of 912,017. The firm has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $17.81. The firm has a market capitalization of $1.15 billion, a P/E ratio of 9.05 and a beta of 2.36. GigaCloud Technology has a 1-year low of $11.17 and a 1-year high of $31.45.

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

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently bought and sold shares of GCT. Stratos Wealth Partners LTD. lifted its holdings in shares of GigaCloud Technology by 5.6% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 10,945 shares of the company's stock worth $217,000 after acquiring an additional 585 shares during the period. Principal Financial Group Inc. grew its position in GigaCloud Technology by 1.4% during the first quarter. Principal Financial Group Inc. now owns 74,234 shares of the company's stock valued at $1,054,000 after acquiring an additional 1,028 shares during the period. Mariner LLC grew its position in GigaCloud Technology by 10.5% during the fourth quarter. Mariner LLC now owns 11,066 shares of the company's stock valued at $205,000 after acquiring an additional 1,056 shares during the period. PFG Investments LLC grew its position in GigaCloud Technology by 9.4% during the first quarter. PFG Investments LLC now owns 16,835 shares of the company's stock valued at $239,000 after acquiring an additional 1,450 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey grew its position in GigaCloud Technology by 31.5% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 6,209 shares of the company's stock valued at $123,000 after acquiring an additional 1,489 shares during the period. 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.