GigaCloud Technology (NASDAQ:GCT) Hits New 1-Year High on Earnings Beat

Key Points

• GigaCloud Technology shares reached a new 52-week high, trading around $63 after closing at $57.88 the prior session.
• Quarterly results beat analyst expectations: EPS was $1.16 versus a $0.90 consensus, while revenue of $411.64 million topped estimates of $380.63 million.
• Analyst ratings were broadly positive, with MarketBeat reporting an average “Strong Buy” rating; insiders, however, sold 127,000 shares worth about $6.64 million over the past 90 days.

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $63.25 and last traded at $63.46, with a volume of 12,221 shares changing hands. The stock had previously closed at $57.88.

The company reported $1.16 EPS for the quarter, beating the consensus estimate of $0.90 by $0.26. The business had revenue of $411.64 million during the quarter, compared to analyst estimates of $380.63 million. GigaCloud Technology had a return on equity of 31.42% and a net margin of 10.65%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GCT. Wall Street Zen raised shares of GigaCloud Technology from a "buy" rating to a "strong-buy" rating in a report on Monday, October 12th. Zacks Research upgraded shares of GigaCloud Technology from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 2nd. Finally, Weiss Ratings raised shares of GigaCloud Technology from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Strong Buy".

Insider Activity

In related news, Director Zhiwu Chen sold 3,000 shares of GigaCloud Technology stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $53.12, for a total value of $159,360.00. Following the completion of the transaction, the director owned 21,057 shares in the company, valued at approximately $1,118,547.84. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Marshall Bernes sold 15,703 shares of GigaCloud Technology stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $53.58, for a total transaction of $841,366.74. Following the transaction, the insider directly owned 25,447 shares of the company's stock, valued at approximately $1,363,450.26. This represents a 38.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 127,000 shares of company stock worth $6,636,604 over the last 90 days. Corporate insiders own 23.37% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

Several hedge funds have recently modified their holdings of GCT. KBC Group NV acquired a new stake in GigaCloud Technology in the first quarter valued at approximately $1,740,000. Sei Investments Co. acquired a new stake in GigaCloud Technology during the 1st quarter worth $2,786,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in GigaCloud Technology in the 2nd quarter valued at about $766,000. Cetera Investment Advisers lifted its holdings in shares of GigaCloud Technology by 55.2% during the first quarter. Cetera Investment Advisers now owns 53,180 shares of the company's stock worth $2,413,000 after purchasing an additional 18,914 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of GigaCloud Technology during the first quarter worth about $3,576,000. Institutional investors and hedge funds own 34.94% of the company's stock.

GigaCloud Technology Stock Performance

The firm has a fifty day moving average price of $54.73 and a 200 day moving average price of $44.14. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 15.48 and a beta of 1.61.

GigaCloud Technology Company Profile

GigaCloud Technology Inc NASDAQ: GCT operates a business-to-business e-commerce platform focused on the global trade of large-parcel merchandise. Its GigaCloud Marketplace connects manufacturers, primarily in Asia, with resellers and other business customers in markets including North America, Europe and Asia.

The company's marketplace supports transactions involving products such as furniture, appliances, home improvement goods, fitness equipment and other oversized items. GigaCloud provides tools intended to help customers manage sourcing, product discovery, ordering and cross-border commerce through a single platform.

In addition to its marketplace, GigaCloud offers fulfillment and logistics services designed for large and bulky products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.