GigaCloud Technology (NASDAQ:GCT) Stock Price Up 1.5%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) shot up 1.5% during trading on Wednesday . The company traded as high as $32.38 and last traded at $32.07. 598,759 shares were traded during mid-day trading, a decline of 81% from the average session volume of 3,139,242 shares. The stock had previously closed at $31.59.

Wall Street Analysts Forecast Growth

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

GigaCloud Technology Price Performance

The stock has a market cap of $1.26 billion, a PE ratio of 13.94 and a beta of 2.26. The company's fifty day moving average is $31.91 and its 200-day moving average is $19.92.

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

Insider Activity

In related news, CTO Xin Wan sold 150,000 shares of the business's stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $27.26, for a total value of $4,089,000.00. Following the completion of the sale, the chief technology officer now owns 947,540 shares of the company's stock, valued at approximately $25,829,940.40. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other GigaCloud Technology news, CEO Lei Wu sold 20,000 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $33.07, for a total transaction of $661,400.00. Following the completion of the transaction, the chief executive officer now owns 1,160,816 shares of the company's stock, valued at $38,388,185.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Xin Wan sold 150,000 shares of the firm'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 value of $4,089,000.00. Following the completion of the transaction, the chief technology officer now owns 947,540 shares in the company, valued at approximately $25,829,940.40. The disclosure for this sale can be found here. Insiders sold 460,287 shares of company stock worth $13,308,535 over the last three months.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GCT. CWM LLC acquired a new position in shares of GigaCloud Technology during the 4th quarter worth approximately $30,000. Quarry LP acquired a new position in GigaCloud Technology during the fourth quarter worth $47,000. State of Wyoming acquired a new position in GigaCloud Technology during the second quarter worth $27,000. Morgan Stanley purchased a new stake in GigaCloud Technology in the 4th quarter valued at $25,000. Finally, Royal Bank of Canada acquired a new stake in shares of GigaCloud Technology in the 4th quarter worth $108,000. 34.94% of the stock is owned by institutional investors and hedge funds.

About GigaCloud Technology

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.