Roth Capital Comments on GigaCloud Technology Inc.'s Q1 2024 Earnings (NASDAQ:GCT)

GigaCloud Technology Inc. (NASDAQ:GCT - Free Report) - Equities researchers at Roth Capital increased their Q1 2024 earnings estimates for GigaCloud Technology in a research report issued to clients and investors on Monday, April 1st. Roth Capital analyst M. Koranda now forecasts that the company will post earnings of $0.51 per share for the quarter, up from their prior forecast of $0.37. The consensus estimate for GigaCloud Technology's current full-year earnings is $2.23 per share. Roth Capital also issued estimates for GigaCloud Technology's Q2 2024 earnings at $0.72 EPS, Q4 2024 earnings at $0.95 EPS, FY2024 earnings at $2.98 EPS and FY2025 earnings at $3.64 EPS.

Separately, Roth Mkm boosted their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday.

GigaCloud Technology Trading Down 5.8 %

NASDAQ GCT traded down $2.07 during trading hours on Thursday, hitting $33.58. 4,383,794 shares of the company's stock traded hands, compared to its average volume of 3,208,983. The business's fifty day moving average price is $31.34 and its two-hundred day moving average price is $19.30. The firm has a market capitalization of $1.37 billion, a P/E ratio of 14.60 and a beta of 2.26. GigaCloud Technology has a 52 week low of $4.93 and a 52 week high of $45.18.

Insider Activity at GigaCloud Technology

In related news, COO Xinyan Hao sold 1,088 shares of the company's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now owns 1,148,912 shares of the company's stock, valued at $37,178,792.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the transaction, the chief executive officer now owns 1,248,994 shares in the company, valued at $36,882,792.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Xinyan Hao sold 1,088 shares of the company's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold a total of 420,287 shares of company stock valued at $11,919,335 over the last 90 days. 45.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morgan Stanley purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $25,000. State of Wyoming purchased a new position in shares of GigaCloud Technology in the 2nd quarter valued at approximately $27,000. CWM LLC purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $30,000. Quarry LP purchased a new position in shares of GigaCloud Technology in the 4th quarter valued at approximately $47,000. Finally, UBS Group AG purchased a new position in shares of GigaCloud Technology in the 3rd quarter valued at approximately $61,000. 34.94% of the stock is currently owned by institutional investors.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise. 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.