GigaCloud Technology (NASDAQ:GCT) Trading 9.2% Higher

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price was up 9.2% on Thursday . The stock traded as high as $34.78 and last traded at $33.86. Approximately 1,500,119 shares were traded during trading, a decline of 52% from the average daily volume of 3,127,191 shares. The stock had previously closed at $31.02.

Analyst Ratings Changes

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

GigaCloud Technology Stock Up 8.9 %

The business has a 50 day simple moving average of $32.27 and a two-hundred day simple moving average of $20.10. The firm has a market cap of $1.38 billion, a PE ratio of 14.69 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Friday, March 15th. The company reported $0.87 earnings per share (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 business had revenue of $244.74 million for the quarter, compared to the consensus estimate of $220.30 million. Equities analysts forecast that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Transactions at GigaCloud Technology

In related news, CEO Lei Wu sold 20,000 shares of the firm's stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $33.07, for a total transaction of $661,400.00. Following the sale, 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 filing with the SEC, which is available through the SEC website. In related news, CEO Lei Wu sold 20,000 shares of the firm's stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $33.07, for a total transaction of $661,400.00. Following the sale, 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 filing with the SEC, which is available through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the firm's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of 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. In the last 90 days, insiders have sold 460,287 shares of company stock valued at $13,308,535.

Institutional Investors Weigh In On GigaCloud Technology

Several institutional investors have recently added to or reduced their stakes in GCT. Morgan Stanley purchased a new position in shares of GigaCloud Technology in the fourth quarter worth about $25,000. State of Wyoming purchased a new position in shares of GigaCloud Technology in the second quarter worth about $27,000. CWM LLC purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $30,000. Quarry LP purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $47,000. Finally, UBS Group AG purchased a new position in GigaCloud Technology during the third quarter valued at approximately $61,000. Institutional investors and hedge funds own 34.94% of the company's stock.

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.