GigaCloud Technology (NASDAQ:GCT) Shares Gap Up to $29.83

Shares of GigaCloud Technology Inc. (NASDAQ:GCT) gapped up before the market opened on Thursday . The stock had previously closed at $29.83, but opened at $31.00. GigaCloud Technology shares last traded at $31.12, with a volume of 1,116,993 shares.

Analyst Upgrades and Downgrades

GCT has been the subject of several research analyst reports. Roth Mkm increased their price objective on GigaCloud Technology from $28.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Maxim Group started coverage on shares of GigaCloud Technology in a research report on Wednesday. They set a “buy” rating and a $69.00 price target for the company.

GigaCloud Technology Price Performance

The firm’s 50-day moving average price is $33.91 and its 200 day moving average price is $25.51. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.36 and a beta of 1.99.

GigaCloud Technology (NASDAQ:GCT) last posted its quarterly earnings data on Thursday, May 9th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.33. The firm had revenue of $251.08 million during the quarter, compared to analysts’ expectations of $235.00 million. GigaCloud Technology had a return on equity of 41.24% and a net margin of 12.74%. During the same quarter last year, the business posted $0.39 EPS. On average, analysts predict that GigaCloud Technology Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Activity at GigaCloud Technology

In related news, CEO Lei Wu sold 44,000 shares of the stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $40.21, for a total transaction of $1,769,240.00. Following the completion of the sale, the chief executive officer now owns 533,816 shares of the company’s stock, valued at approximately $21,464,741.36. The transaction was disclosed in a filing 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 company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $27.26, for a total transaction of $4,089,000.00. Following the sale, the chief technology officer now owns 947,540 shares in the company, valued at $25,829,940.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $40.21, for a total value of $1,769,240.00. Following the completion of the sale, the chief executive officer now owns 533,816 shares of the company’s stock, valued at $21,464,741.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,453,279 shares of company stock worth $49,256,053. 43.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GigaCloud Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GCT. CWM LLC acquired a new stake in GigaCloud Technology in the fourth quarter worth about $30,000. Quarry LP bought a new position in shares of GigaCloud Technology in the fourth quarter valued at approximately $47,000. Tucker Asset Management LLC increased its stake in shares of GigaCloud Technology by 1,499.8% during the fourth quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares during the period. Foundations Investment Advisors LLC bought a new position in GigaCloud Technology during the 4th quarter valued at $207,000. Finally, Truvestments Capital LLC bought a new stake in shares of GigaCloud Technology in the 1st quarter worth $327,000. 34.94% of the stock is owned by institutional investors.

About GigaCloud Technology

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.