GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) was up 5.4% during mid-day trading on Thursday . The stock traded as high as $37.14 and last traded at $36.84. Approximately 1,014,805 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 3,100,366 shares. The stock had previously closed at $34.96.
Analyst Upgrades and Downgrades
Separately, Roth Mkm upped their target price on GigaCloud Technology from $28.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, April 2nd.
Read Our Latest Research Report on GigaCloud Technology
GigaCloud Technology Stock Up 5.3 %
The firm has a market cap of $1.50 billion, a PE ratio of 16.00 and a beta of 2.26. The business has a 50 day simple moving average of $32.76 and a two-hundred day simple moving average of $20.86.
GigaCloud Technology (NASDAQ:GCT - Get Free Report) last posted its quarterly earnings results on Friday, March 15th. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.58 by $0.29. The company had revenue of $244.74 million for the quarter, compared to the consensus estimate of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. Equities analysts forecast that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.
Insider Activity at GigaCloud Technology
In other news, CFO David Kwok Hei Lau sold 2,619 shares of the company's stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $30.50, for a total transaction of $79,879.50. Following the transaction, the chief financial officer now directly owns 27,803 shares of the company's stock, valued at $847,991.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the firm's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total value of $35,207.68. Following the completion of the transaction, the chief operating officer now owns 1,148,912 shares of the company's stock, valued at $37,178,792.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO David Kwok Hei Lau sold 2,619 shares of the business's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $30.50, for a total transaction of $79,879.50. Following the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 506,287 shares of company stock worth $14,805,265. Company insiders own 45.30% of the company's stock.
Institutional Investors Weigh In On GigaCloud Technology
Large investors have recently bought and sold shares of the company. CWM LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth about $30,000. Quarry LP purchased a new stake in shares of GigaCloud Technology in the fourth quarter worth about $47,000. State of Wyoming acquired a new stake in GigaCloud Technology during the second quarter worth about $27,000. Morgan Stanley acquired a new stake in GigaCloud Technology during the fourth quarter worth about $25,000. Finally, Royal Bank of Canada purchased a new position in GigaCloud Technology during the fourth quarter valued at approximately $108,000. Hedge funds and other institutional investors own 34.94% of the company's stock.
About GigaCloud Technology
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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.
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