Roth Mkm Boosts GigaCloud Technology (NASDAQ:GCT) Price Target to $35.00

GigaCloud Technology (NASDAQ:GCT - Get Free Report) had its price objective hoisted by investment analysts at Roth Mkm from $28.00 to $35.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Roth Mkm's price target would indicate a potential upside of 5.26% from the stock's current price.

GigaCloud Technology Trading Up 8.0 %

Shares of GigaCloud Technology stock traded up $2.46 during mid-day trading on Tuesday, hitting $33.25. 3,336,124 shares of the stock were exchanged, compared to its average volume of 3,157,759. The company has a 50-day simple moving average of $30.86 and a 200 day simple moving average of $19.09. GigaCloud Technology has a twelve month low of $4.93 and a twelve month high of $45.18. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 14.46 and a beta of 2.27.

Insider Activity

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the business's stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO David Kwok Hei Lau sold 2,619 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total value of $79,879.50. Following the completion of the sale, the chief financial officer now owns 27,803 shares of the company's stock, valued at approximately $847,991.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Xinyan Hao sold 1,088 shares of the company's stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares of the company's stock, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 419,287 shares of company stock valued at $11,889,805.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently added to or reduced their stakes in GCT. PAX Financial Group LLC acquired a new stake in GigaCloud Technology in the 3rd quarter valued at approximately $141,000. Acadian Asset Management LLC bought a new position in shares of GigaCloud Technology during the third quarter worth about $9,634,000. WINTON GROUP Ltd bought a new position in shares of GigaCloud Technology during the third quarter worth about $258,000. New York State Common Retirement Fund acquired a new stake in GigaCloud Technology during the third quarter worth approximately $1,895,000. Finally, Ritholtz Wealth Management acquired a new stake in GigaCloud Technology in the fourth quarter valued at approximately $295,000. 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. 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.