GigaCloud Technology (NASDAQ:GCT) Shares Down 4.6%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price traded down 4.6% during trading on Friday . The company traded as low as $31.66 and last traded at $32.24. 764,157 shares were traded during trading, a decline of 75% from the average session volume of 3,114,693 shares. The stock had previously closed at $33.79.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lifted their price target on 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 business's 50-day moving average price is $32.27 and its two-hundred day moving average price is $20.10. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 14.02 and a beta of 2.26.

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

Insider Activity

In other GigaCloud Technology news, COO Xinyan Hao sold 1,088 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the completion of the transaction, the chief operating officer now directly owns 1,148,912 shares in the company, valued at $37,178,792.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other GigaCloud Technology news, CTO Xin Wan sold 150,000 shares of the business'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 directly owns 947,540 shares in the company, valued at $25,829,940.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Xinyan Hao sold 1,088 shares of the business's stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $32.36, for a total transaction of $35,207.68. Following the transaction, the chief operating officer now owns 1,148,912 shares of the company's stock, valued at $37,178,792.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 460,287 shares of company stock worth $13,308,535. Corporate insiders own 45.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. CWM LLC bought a new position in shares of GigaCloud Technology in the 4th quarter valued at $30,000. Quarry LP acquired a new stake in GigaCloud Technology in the fourth quarter valued at $47,000. State of Wyoming acquired a new stake in GigaCloud Technology in the second quarter valued at $27,000. Morgan Stanley acquired a new stake in GigaCloud Technology in the fourth quarter valued at $25,000. Finally, Royal Bank of Canada acquired a new stake in GigaCloud Technology in the fourth quarter valued at $108,000. 34.94% of the stock is currently owned by institutional investors.

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.