GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $35.09

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $35.09, but opened at $35.85. GigaCloud Technology shares last traded at $35.47, with a volume of 765,580 shares traded.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lifted their price target on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, April 2nd.

GigaCloud Technology Stock Down 0.4 %

The company has a market capitalization of $1.42 billion, a P/E ratio of 15.20 and a beta of 2.26. The firm's 50-day moving average price is $32.64 and its 200 day moving average price is $20.76.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.29. GigaCloud Technology had a return on equity of 36.40% and a net margin of 13.37%. The firm had revenue of $244.74 million during the quarter, compared to analyst estimates of $220.30 million. As a group, equities research analysts expect that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the company's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $29.53, for a total value of $29,530.00. Following the completion of the sale, the chief executive officer now directly owns 1,248,994 shares of the company's stock, valued at approximately $36,882,792.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO David Kwok Hei Lau sold 2,619 shares of the business's stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total value of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares of the company's stock, valued at approximately $847,991.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Lei Wu sold 1,000 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $36,882,792.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 506,287 shares of company stock worth $14,805,265.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. CWM LLC purchased a new stake in GigaCloud Technology during the 4th quarter worth about $30,000. Quarry LP bought a new position in GigaCloud Technology in the 4th quarter valued at $47,000. State of Wyoming purchased a new position in shares of GigaCloud Technology during the 2nd quarter valued at $27,000. Morgan Stanley bought a new stake in GigaCloud Technology during the fourth quarter valued at $25,000. Finally, Royal Bank of Canada purchased a new position in shares of GigaCloud Technology during the fourth quarter worth about $108,000. 34.94% of the stock is owned by institutional investors.

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.