GigaCloud Technology (NASDAQ:GCT) Shares Down 2%

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report) dropped 2% during mid-day trading on Wednesday . The company traded as low as $34.20 and last traded at $34.38. Approximately 1,350,640 shares changed hands during trading, a decline of 57% from the average daily volume of 3,109,106 shares. The stock had previously closed at $35.09.

Analysts Set New Price Targets

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

GigaCloud Technology Trading Down 0.4 %

The company's 50 day moving average price is $32.64 and its two-hundred day moving average price is $20.76. The stock has a market cap of $1.42 billion, a P/E ratio of 15.20 and a beta of 2.26.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last issued its quarterly earnings data on Friday, March 15th. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.29. GigaCloud Technology had a net margin of 13.37% and a return on equity of 36.40%. The firm had revenue of $244.74 million for the quarter, compared to analysts' expectations of $220.30 million. On average, sell-side analysts anticipate that GigaCloud Technology Inc. will post 2.58 earnings per share for the current year.

Insider Transactions at GigaCloud Technology

In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the sale, the chief executive officer now owns 1,248,994 shares in the company, valued at approximately $36,882,792.82. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other GigaCloud Technology news, CEO Lei Wu sold 1,000 shares of the firm's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $29.53, for a total transaction of $29,530.00. Following the sale, the chief executive officer now owns 1,248,994 shares in the company, valued at approximately $36,882,792.82. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 owns 1,148,912 shares in the company, valued at approximately $37,178,792.32. The disclosure for this sale can be found here. Insiders have sold 506,287 shares of company stock worth $14,805,265 in the last quarter.

Institutional Investors Weigh In On GigaCloud Technology

A number of institutional investors have recently added to or reduced their stakes in GCT. Acadian Asset Management LLC purchased a new stake in GigaCloud Technology during the 3rd quarter valued at approximately $9,634,000. Bridgeway Capital Management LLC purchased a new position in shares of GigaCloud Technology in the fourth quarter valued at $6,036,000. Verition Fund Management LLC purchased a new position in shares of GigaCloud Technology in the fourth quarter valued at $4,613,000. New York State Common Retirement Fund purchased a new position in shares of GigaCloud Technology in the third quarter valued at $1,895,000. Finally, Quadrature Capital Ltd purchased a new position in shares of GigaCloud Technology in the fourth quarter valued at $2,803,000. 34.94% of the stock is owned by hedge funds and other institutional investors.

GigaCloud Technology Company Profile

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.