GigaCloud Technology (NASDAQ:GCT) Shares Up 6%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price rose 6% on Thursday . The company traded as high as $37.29 and last traded at $36.95. Approximately 1,191,694 shares traded hands during trading, a decline of 61% from the average daily volume of 3,031,032 shares. The stock had previously closed at $34.87.

Analyst Upgrades and Downgrades

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

GigaCloud Technology Price Performance

The stock has a market capitalization of $1.48 billion, a P/E ratio of 14.30 and a beta of 1.99. The stock's fifty day moving average is $33.91 and its two-hundred day moving average is $24.73.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last announced its earnings results on Thursday, May 9th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.33. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. The company had revenue of $251.08 million for the quarter, compared to analyst estimates of $235.00 million. During the same period in the previous year, the firm earned $0.39 earnings per share. Analysts expect that GigaCloud Technology Inc. will post 2.98 EPS for the current year.

Insiders Place Their Bets

In other GigaCloud Technology 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 transaction of $4,089,000.00. Following the sale, the chief technology officer now directly owns 947,540 shares of the company's stock, valued at approximately $25,829,940.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO David Kwok Hei Lau sold 2,619 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 27,803 shares in the company, valued at $847,991.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Xin Wan sold 150,000 shares of the company'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 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 a total of 1,306,071 shares of company stock worth $43,874,835 over the last ninety days. 43.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GigaCloud Technology

Institutional investors have recently made changes to their positions in the company. CWM LLC bought a new position in GigaCloud Technology during the fourth quarter valued at approximately $30,000. Quarry LP acquired a new stake in shares of GigaCloud Technology in the 4th quarter valued at $47,000. Tucker Asset Management LLC lifted its stake in shares of GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company's stock valued at $146,000 after purchasing an additional 7,499 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in GigaCloud Technology by 86.3% in the first quarter. Avantax Advisory Services Inc. now owns 23,014 shares of the company's stock worth $615,000 after purchasing an additional 10,659 shares in the last quarter. Finally, Foundations Investment Advisors LLC acquired a new position in GigaCloud Technology during the fourth quarter worth $207,000. 34.94% of the stock is currently owned by institutional investors and hedge funds.

About GigaCloud Technology

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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