GigaCloud Technology (NASDAQ:GCT) Reaches New 1-Year High - Here's What Happened

Key Points

• GigaCloud Technology hit a new 52-week high, trading as high as $67.40 and last at $66.63, up from its previous close of $64.79.
• The company beat quarterly estimates, reporting $1.73 in earnings per share versus $1.12 expected and revenue of $423.56 million versus $389.39 million forecast.
• Recent analyst actions were positive: Zacks Research and Wall Street Zen upgraded the stock to “Strong Buy,” while Weiss Ratings raised its rating to “Buy.”

GigaCloud Technology Inc. (NASDAQ:GCT - Get Free Report)'s share price reached a new 52-week high on Friday. The company traded as high as $67.40 and last traded at $66.63, with a volume of 206,692 shares changing hands. The stock had previously closed at $64.79.

Wall Street Analyst Weigh In

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

GigaCloud Technology Trading Up 2.7%

The company has a fifty day moving average of $56.10 and a two-hundred day moving average of $44.78. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of 14.31 and a beta of 1.61.

GigaCloud Technology (NASDAQ:GCT - Get Free Report) last released its quarterly earnings results on Thursday, November 5th. The company reported $1.73 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.61. GigaCloud Technology had a net margin of 10.89% and a return on equity of 32.33%. The company had revenue of $423.56 million for the quarter, compared to analyst estimates of $389.39 million. As a group, sell-side analysts predict that GigaCloud Technology Inc. will post 4.70 earnings per share for the current fiscal year.

Insider Buying and Selling at GigaCloud Technology

In other GigaCloud Technology news, Director Zhiwu Chen sold 3,000 shares of the company's stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $53.12, for a total transaction of $159,360.00. Following the completion of the sale, the director directly owned 21,057 shares in the company, valued at $1,118,547.84. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marshall Bernes sold 15,703 shares of the firm's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $53.58, for a total value of $841,366.74. Following the completion of the sale, the insider directly owned 25,447 shares in the company, valued at approximately $1,363,450.26. This represents a 38.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 52,000 shares of company stock worth $2,790,804 in the last quarter. Insiders own 23.37% of the company's stock.

Hedge Funds Weigh In On GigaCloud Technology

Several large investors have recently made changes to their positions in the business. Bleakley Financial Group LLC bought a new stake in GigaCloud Technology in the 3rd quarter valued at $655,000. Russell Investments Group Ltd. increased its holdings in shares of GigaCloud Technology by 5.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,925 shares of the company's stock worth $1,133,000 after purchasing an additional 1,176 shares during the period. Ritholtz Wealth Management increased its holdings in shares of GigaCloud Technology by 27.1% during the 3rd quarter. Ritholtz Wealth Management now owns 61,294 shares of the company's stock worth $3,168,000 after purchasing an additional 13,087 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of GigaCloud Technology by 95.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 272,029 shares of the company's stock worth $14,469,000 after purchasing an additional 132,492 shares during the period. Finally, Formidable Asset Management LLC acquired a new position in shares of GigaCloud Technology during the third quarter valued at about $385,000. Institutional investors and hedge funds own 34.94% of the company's stock.

About GigaCloud Technology

GigaCloud Technology Inc. operates a business-to-business e-commerce marketplace focused on large-parcel merchandise. Its platform connects manufacturers, many of them based in Asia, with retailers and other resellers seeking products such as furniture, home goods, appliances and fitness equipment. The company's services extend beyond product discovery to include payment processing, logistics and fulfillment, helping buyers and sellers manage transactions and delivery for bulky goods. GigaCloud serves customers in markets including North America and Europe, as well as Asia.

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