GigaCloud Technology (NASDAQ:GCT) Shares Down 6.8%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) was down 6.8% during trading on Tuesday . The company traded as low as $31.04 and last traded at $31.22. Approximately 1,064,636 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 3,158,168 shares. The stock had previously closed at $33.49.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm upped 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 Stock Performance

The company's fifty day simple moving average is $31.91 and its 200-day simple moving average is $19.92. The company has a market capitalization of $1.29 billion, a P/E ratio of 13.73 and a beta of 2.27.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its earnings results on Friday, March 15th. The company reported $0.87 earnings per share (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 analysts' expectations of $220.30 million. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. On average, sell-side analysts predict that GigaCloud Technology Inc. will post 2.58 EPS for the current year.

Insider Buying and Selling at GigaCloud Technology

In related news, COO Xinyan Hao sold 1,088 shares of the stock in a transaction that occurred 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 directly owns 1,148,912 shares of the company's stock, valued at approximately $37,178,792.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other GigaCloud Technology 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 transaction, the chief financial officer now directly owns 27,803 shares of the company's stock, valued at approximately $847,991.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Xinyan Hao sold 1,088 shares of the firm's stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $32.36, for a total transaction of $35,207.68. Following the sale, the chief operating officer now directly owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 440,287 shares of company stock valued at $12,647,135. 45.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in GigaCloud Technology in the 3rd quarter valued at $9,634,000. Bridgeway Capital Management LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth $6,036,000. Verition Fund Management LLC acquired a new stake in GigaCloud Technology during the 4th quarter worth $4,613,000. New York State Common Retirement Fund acquired a new stake in GigaCloud Technology during the 3rd quarter worth $1,895,000. Finally, Quadrature Capital Ltd purchased a new position in shares of GigaCloud Technology during the 4th quarter worth $2,803,000. 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.