Short Interest in GigaCloud Technology Inc. (NASDAQ:GCT) Rises By 8.1%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 2,810,000 shares, an increase of 8.1% from the March 15th total of 2,600,000 shares. Currently, 17.0% of the company's shares are sold short. Based on an average daily trading volume, of 3,160,000 shares, the short-interest ratio is presently 0.9 days.

GigaCloud Technology Price Performance

Shares of GigaCloud Technology stock traded down $0.13 on Wednesday, hitting $34.96. The company had a trading volume of 2,697,292 shares, compared to its average volume of 3,130,163. The firm has a market capitalization of $1.42 billion, a P/E ratio of 15.20 and a beta of 2.26. GigaCloud Technology has a twelve month low of $4.93 and a twelve month high of $45.18. The stock has a 50-day moving average of $32.64 and a 200-day moving average of $20.76.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million during the quarter, compared to analysts' expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Equities analysts predict that GigaCloud Technology will post 2.58 EPS for the current year.

Insider Buying and Selling

In related news, COO Xinyan Hao sold 1,088 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Xinyan Hao sold 1,088 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Xin Wan sold 150,000 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the transaction, the chief technology officer now owns 947,540 shares of the company's stock, valued at approximately $25,829,940.40. The disclosure for this sale can be found here. Insiders sold a total of 506,287 shares of company stock valued at $14,805,265 over the last ninety days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $25,000. State of Wyoming bought a new stake in shares of GigaCloud Technology in the second quarter worth $27,000. CWM LLC bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $30,000. Quarry LP bought a new stake in shares of GigaCloud Technology in the fourth quarter worth $47,000. Finally, UBS Group AG bought a new stake in shares of GigaCloud Technology in the third quarter worth $61,000. Institutional investors and hedge funds own 34.94% of the company's stock.

Analysts Set New Price Targets

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

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.